Dubai’s non-oil foreign trade for the first half of 2016 has reached AED 647 billion with the volume of traded goods witnessing a 17 percent inflation. The imports have accounted for AED 401 billion, while exports and re-exports were valued at AED 74 billion and AED 172 billion respectively, said Dubai Customs.
With 49 million tonnes of commodities traded during the first half of 2016, up from 41 million for the same period in 2015, Dubai Customs stated that Dubai is advancing well in its plan to reduce dependence on oil revenues, moving towards an economy that depends on foreign trade and other income sources.
“To offset the impact of the general slowdown in world economy, lower commodity prices and the slump in oil prices, Dubai has wisely restructured and broadened its sources of revenue while taking considerable measures to stimulate growth in the affected sectors,” says Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO and Chairman of Ports, Customs, and Free Zone Corporation.
Dubai’s growing travel and tourism industry continues to sustain foreign trade in precious metals and gemstones, reiterating the emirate’s position as a global hub for international trade and commerce at the crossroads of Eastern and Western markets.