Dubai’s non-oil foreign trade grew by 10 percent in Q1 2021, amounting to AED354.4 billion ($96.4 billion), compared to AED323 billion ($87.9 billion) during the same period in 2020.
This growth underscores the emirate’s ability to achieve swift economic recovery from the challenges posed by the global economic repercussions of the COVID-19 pandemic.
Exports grew 25 percent to AED50.5 billion ($13.7 billion), representing a volume of five million tons, a rise of 20 percent. Imports accounted for AED204.8 billion ($55.7 billion), growing nine percent. The value of re-exports touched AED99 billion ($26.9 billion), growing 5.5 percent.
“This remarkable growth reflects our foreign trade sector’s impressive resilience and its ability to rebound and grow in the face of major international crises,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council of Dubai.
“We have always turned challenges into opportunities and have been able to achieve this by virtue of our good governance, advanced infrastructure, strategic location, our status as a regional and global hub for trade and the generous stimulus packages that the government has launched in support of trade and businesses.”
These figures will “get us closer to the ambitious target of Dubai’s five-year strategy – to raise the value of external trade to AED2 trillion and consolidate its position as a bridge connecting regional and international markets by constantly enhancing its infrastructure and logistics services,” he added.
“The continuous development efforts of Dubai’s economic capabilities have paid off, and the emirate was able to achieve a rapid recovery from the repercussions of the current global health crisis and see a quick growth in foreign trade,” said Sultan bin Sulayem, DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation.
This growth shows the extent to which Dubai has benefited from its strong investments in information technology and digitization, which enabled it move forward with its trade with the world, even during the pandemic, he added.