#Dubai's non-oil trade grows 6% in 2019 to Dh1.37 trillion - The National

Dubai's non-oil trade grows 6% in 2019 to Dh1.37 trillion - The National:

Dubai, a regional business and tourism hub, saw a 6 per cent increase in non-oil foreign trade last year, spurred by activity at the emirate's free zones, government data showed. 


The value of non-oil external trade rose to Dh1.37 trillion in 2019, up from Dh1.29tn in 2018, with gold emerging as the highest traded commodity by value, the Government of Dubai Media Office said in a statement on Saturday. Exports jumped 22 per cent to Dh155 billion, re-exports grew 4 per cent to Dh420bn and imports rose by 3 per cent to Dh796bn.

"Dubai’s external trade has contributed significantly to the emirate’s economic achievements, further raising its status as a global hub for trade, business and tourism," Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of The Executive Council, said. "All government entities are working seamlessly together to provide the best services, facilitate trade and foreign investments, and further develop infrastructure across the emirate, especially at airports and free zones."

The emirate's non-oil trade grew in 2019 despite headwinds from a slowdown in global economic growth and weaker global trade. Global air freight demand plunged 3.3 per cent in 2019 compared to 2018, marking the weakest performance since the global financial crisis in 2009, according to the International Air Transport Association. Global trade grew just 0.9 per cent last year, dented by the trade tensions between the US and China, the world's two biggest economies.