Economy Top Stories

Dubai’s non-oil foreign trade reaches Dh354.4 bn in first quarter

Export grew to 25% of Dh50.5 bn, while imports hit Dh204.8 bn, a 9% increase

Dubai’s non-oil foreign trade has reached Dh354.4 billion in the first quarter of 2021, a 10 percent increase compared to 2020, according to the media. Export percent grew by 25 percent worth Dh50.5 billion, while imports hit Dh204.8 billion, a nine percent increase. The re-exports reached Dh99 billion in the same period with a 5.5 percent increase.

Sheikh Mohammed bin Rashid Al-Maktoum, the ruler of the emirates, addressed the media and said, “This remarkable performance reflects our external trade sector’s impressive resilience and its ability to rebound and grow in the face of major international crises.”

He further added that the growth has contributed to the advancement of Dubai infrastructure, governance and the “generous stimulus packages” launched to boost businesses during the pandemic.

By hosting Expo 2020, Dubai will be making a significant contribution to the recovery of the global economy. The ongoing campaign will create a global logistics network through a passport system. Countries like Indonesia, Thailand, South Africa, and Brazil have joined the network, and many international shipping giants have signed up to benefit from it.

Dubai witnessed a 15 percent increase in Airborne trade with Dh179 billion while sea trade accounted for Dh120 billion, a three percent increase. The land trade increased seven percent to Dh55.3 billion.

It is to note that China is still Dubai’s biggest trading partner in the first quarter with Dh44 billion of trade, a 30 percent increase. India stands second at Dh35 billion followed by the US at Dh15.4 billion and Saudi Arabia at Dh14.7 billion.

Related posts

IAG raises $3.4 bn liquidity to remain resilient

GBO Correspondent

Japanese insurers to largely implement ESG, says Moody’s

GBO Correspondent

Convergence Partners provide $120 mn to promote digital inclusion in Africa

GBO Correspondent