Dubai recorded Dh551 billion ($150bn) in non-oil exterior commerce within the first six months of 2020, signaling a resurgence in buying and selling exercise through the second quarter.
Might and June noticed “appreciable progress”, in contrast with April of this yr when widespread motion restrictions that have been enforced to include the pandemic disrupted international commerce, the Dubai Media Workplace stated in a press release on Monday.
Exterior commerce jumped 17.2 per cent in Might from April to achieve Dh75 million and grew 20 per cent to achieve Dh90 million in June.
The emirate’s potential to minimise the affect of the pandemic on its buying and selling sector displays “its distinctive logistics infrastructure”, which enabled it to take care of uninterrupted commerce flows, the media workplace stated.
“Exterior commerce is likely one of the key pillars of our financial system … [and the] sector has proven a excessive stage of preparedness in coping with the disaster,” Sultan bin Sulayem, DP World Group chief govt and chairman of Ports, Customs and Free Zone Company, stated.
“It has offered distinctive buying and selling services and companies to assist companies all over the world overcome the challenges of the present interval.”
Imports through the first half of the yr accounted for Dh320bn, whereas exports and re-exports accounted for Dh77bn and Dh154bn respectively. A complete of 44 million tonnes value items have been traded by way of the emirate together with 30 million tonnes of imports, 8 million tonnes of exports and 6 million tonnes of re-exports, in response to the federal government knowledge.
The Covid-19 disaster has severely disrupted international commerce and hampered the journey and tourism sector as international locations shut down their borders and restricted actions to include the virus. The pandemic has tipped the worldwide financial system into the deepest recession since the1930, however inexperienced shoots of financial and commerce restoration are step by step rising. A full rebound, nonetheless, will take longer, in response to the World Commerce Organisation.
The worldwide commerce physique now estimates a 9.2 per cent decline within the quantity of world merchandise for 2020 earlier than it grows 7.2 per cent in 2021, because the world emerges from the pandemic.
The non-oil financial system of Dubai, the industrial and buying and selling hub of the Center East, has bounced again strongly, constantly increasing during the last three months, because the emirate eased Covid-19 restrictions, in response to the IHS Markit Dubai PMI knowledge launched earlier this week.
Dubai’s newest first-half knowledge exhibits airborne commerce reached Dh250bn, accounting for 45 per cent of the overall commerce. Sea commerce was valued at Dh212bn, representing 39 per cent and commerce by way of land touched Dh89bn, accounting for 16 per cent.
Direct commerce totaled Dh320bn, whereas commerce by way of free zones reached Dh227bn and customs warehouse commerce weighed in at Dh4bn.
China maintained its place as Dubai’s largest buying and selling companion within the first half of 2020 with Dh66.4bn value of commerce, adopted by India (Dh38.5bn) and the US (Dh31.7bn). Saudi Arabia continued to be emirate’s largest Gulf commerce companion and its fifth largest international commerce companion with Dh24.1bn value of commerce.
Up to date: October 12, 2020 05:48 PM