Commenting on the non-oil trade figures in the first quarter, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said, “This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter.
“The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we are committed to developing our government services so that we can become a world-class model for future governments based on knowledge, innovation and advanced AI applications.”
Dubai’s non-oil trade grew 58 percent in the 2010-2019 decade; an increase of AED124 billion from Q1 2010 which saw AED 215 billion.
Trade through free zones reached AED147 billion (+20 percent YoY). Direct trade was the largest contributor to total trade at AED189 billion (-0.5 percent YoY) and customs warehousing accounted for AED2.3 billion (-21 percent YoY).
Air and sea trade accounted for 85 percent of the total trade, with both witnessing double-digit increases. Air trade accounted for AED158 billion (+11 percent YoY) and sea trade recorded AED129 billion (+10 percent YoY). Trade by land reached AED52 billion.
Trade with Asia, the largest trading region for Dubai, increased by seven percent to AED208 billion. Trade with Europe, the second largest partner, touched AED58 billion, while Africa witnessed the biggest growth, rising 36 percent to reach AED42 billion. The Americas and Oceania also contributed to high single-digit growth, up seven percent (AED 27 billion) and nine percent (AED3.5 billion) respectively.