LOADING

Type to search

Dubai: foreign trade on the rise during the first quarter of 2021

Share

During the first quarter of 2021, Dubai’s export and imports have grown significantly, thanks also to the stimulus package of Dh 7.1 billion announced by the government. During the January – March 2021 quarter, foreign trade rose 10 per cent, reaching Dh 354.4 billion. In that same quarter in 2020, that amount was Dh 323 billion. Dubai’s foreign trade in the first quarter rose by 5% compared to the same quarter in 2019, revealing a fast recovery and the ability to adapt to sudden changes in the international trade environment.

The export’s value is Dh 50.5 billion, 25 per cent more than last year, while import has risen by 9 per cent, reaching Dh 204.8 billion.

China, India and the United States are the main Dubai’s trading partners, followed by Saudi Arabia and Turkey. Gold remains the top selling commodity at Dh 63 billion, rising 27 per cent, and it is followed by telecoms at Dh 50 billion and diamonds at Dh 29 billion. Jewelry and vehicles were respectively fourth and fifth.

Many attribute this promising piece of data not only to the region’s strategic location, but also to the good governance practices which allowed Dubai to face the covid-19 challenge in an effective and headlong way. The efficient vaccination campaign, long-term visa and non-stop investments in strategic infrastructures and technological developments have boosted the confidence of businesses and increased the foreign perception of Dubai as an international trading hub.

 

Article edited by Susanna Schiavon

Source Khaleej Times