Dubai was able to contain the impact of the global economic slowdown caused by the emerging Corona virus (COFED-19) pandemic, and its negative repercussions on the movement of international trade. The value of Dubai's non-oil foreign trade in the first quarter of 2020 amounted to 324 billion dirhams.
Dubai Crown Prince: “The Emirate’s technological capabilities enhance our ability to deal with crises and turn the resulting challenges into opportunities and achievements.” |
Dubai achieved 2% growth in exports during this period, compared to the same period in 2019, bringing Dubai's exports in the first quarter of this year to 43 billion dirhams, while imports amounted to 189 billion dirhams, and re-exports amounted to 92 billion dirhams.
The volume of Dubai's foreign trade in the amount of goods reached 24 million tons, distributed to 16 million tons of imports and 4.2 million tons of exports, and the share of re-exports was 3.6 million tons.
Foreign trade
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said: “The strong performance of the foreign trade sector in the first quarter of this year shows Dubai's ability to absorb the shocks currently facing the global economy as a result of the Corona pandemic and its negative repercussions. On the commercial and economic movement in most countries of the world, as Dubai's foreign trade was able to provide the same strong performance thanks to the diversity of its markets and its ability to meet the emerging global needs in light of the spread of this epidemic
“The guidance of the wise leadership in developing the infrastructure and investing in the capabilities and technological systems of the Emirate of Dubai, from an early age, had a great impact in enhancing our ability to deal with crises and transforming the resulting challenges into opportunities and achievements, and for this reason we were able to respond quickly to developments in an environment The global economy, so that Dubai enhances its role on the international scene as a major economic and trade center, linking the most important markets on various continents, supported by an advanced electronic customs system to facilitate trade movement.
His Highness said: “We are keen to support the ability of all economic sectors to face the repercussions of the global economic crisis of the Corona pandemic, through stimulus packages launched by the Dubai government, under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. , Which included several initiatives to support the foreign trade sector. ”
| Growth in the value of exports to 43 billion dirhams, gold, diamonds and jewelry to 92 billion dirhams. |
His Highness continued: “We look to the future with great confidence and a firm determination to overcome the challenges of the current stage, God willing, and take advantage of its new opportunities, to move forward in implementing our strategic plans and achieving our ambitious goals, so that the UAE remains a leading global experience in success and achievement, which emulates countries. The world is building a prosperous future. ”
Motivational packages
The incentive packages launched by the Dubai government to support the foreign trade sector included the return of 20% of the 5% customs tariff paid for imported goods sold locally, the cancellation of a bank or cash guarantee to engage in customs clearance activity, and the granting of discounts and exemptions from fees for a number of services Submitted to the foreign trade sector, to enable the sector to play its vital role in overcoming the repercussions of the current global economic crisis, and to advance with confidence and steadfastness to enhance the path of sustainable economic development in the UAE.
Dubai's foreign trade was distributed in the first quarter of this year to: direct trade with a value of 188 billion dirhams, free trade in value of 133 billion dirhams, and trade from customs warehouses with a value of two billion dirhams.
The value of foreign trade transferred by road was four billion dirhams, while the value of seaborne trade amounted to 116 billion dirhams, and the value of airborne foreign trade amounted to 163 billion dirhams.
Market diversification
Dubai maintained diversity in its foreign trade markets, as China was Dubai's first trading partner globally, in the first quarter of 2020, and the value of trade with it reached 35.8 billion dirhams, followed by India in second place globally with a trade value of 30.4 billion dirhams, then America is a third trading partner Dubai globally, with a trade worth 19.5 billion dirhams.
The trade in precious metals and precious stones came in the first place among the most valuable goods in Dubai's foreign trade, as gold, diamonds and jewelry trade achieved, in the first quarter of this year, a growth of 2%, compared to the first quarter of last year, to reach a value of 92 billion dirhams, It was followed by trade in smart and land phones in second place with 38 billion dirhams, then oil oils in third place with 16 billion dirhams.