Dubai’s non-oil foreign trade surges to $321bn in 2020

Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of Covid-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020.

 

Boosted by its resilience to global headwinds, as well as its rapid economic recovery and revitalised growth in the second half of the year, Dubai’s foreign trade in 2020 touched AED1.182 trillion ($321 billon). 

 

Total trade volume in 2020 reached 100 million tonnes, driven by a 6% year-on-year volume growth in the second half of the year. 

 

Overall value of exports in 2020 grew 8% to AED167 billion while imports accounted for AED686 billion and re-exports totalled AED329 billion.

 

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: "The exceptional growth performance of Dubai’s external trade sector reflects the emirate’s impressive resilience and its ability to recover and grow amidst international crises. Dubai has set an example for the world in dealing with both the economic and health repercussions of the pandemic."

 

"We were able to quickly renew our momentum of growth and reestablish our global leadership in various sectors," he added.

 

DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation Sultan bin Sulayem, said: "Dubai’s external trade sector impressively overcame the impact of a global trade downturn in 2020. With the gradual opening of borders, Dubai’s trade volumes started recovering and growing quickly in the second half of 2020."

 

"In the third quarter, Dubai’s trade surged 34% compared to Q2, and in Q4, trade grew by 7% to AED326 billion compared to Q3," he noted.

 

"Trade volumes in the second half of 2020 expanded by 6% compared to the corresponding period in 2019. Overall, 100 million tonnes of goods were traded in 2020, which reflects the rapid recovery of this sector. This rebound is now spurring greater growth in 2021," stated bin Sulayem.

 

"The resumption of trade with Qatar, the start of trade engagement with Israel, the positive spin-offs from hosting Expo 2020 and the launch of the Dubai 2040 Urban Master Plan will all contribute to accelerating the emirate’s growth momentum," he added.

 

Source: http://www.tradearabia.com/news/BANK_381043.html

 

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