The World Commerce Organisation mentioned that world commerce has proven indicators of bouncing again, however any restoration may very well be disrupted by the continuing pandemic results
Dubai’s non-oil commerce slipped 18.5 per cent within the first half of 2020 to Dh551 billion in comparison with Dh676 billion for a similar interval final 12 months because the emirate maintained uninterrupted commerce movement even through the pandemic peak time within the second quarter.
The emirate’s commerce sector confirmed resilience through the pandemic, helped by sturdy logistics infrastructure and solid partnerships to navigate via the disaster.
Official knowledge launched on Monday confirmed that imports accounted for Dh320 billion, exports Dh77 billion, and re-exports totalled Dh154 billion. A complete quantity of 44 million tonnes of products have been traded via Dubai, together with 30 million tonnes of imports, eight million tonnes of exports and 6 million tonnes of re-exports.
“Dubai’s exterior commerce sector has proven a excessive stage of preparedness in coping with the disaster. It has supplied distinctive buying and selling amenities and providers to assist companies all over the world overcome the challenges of the present interval,” mentioned Sultan bin Sulayem, group chairman and CEO of DP World, and chairman of Ports, Customs and Free Zone Company.
“The financial system has effectively navigated the turbulence in worldwide markets by forging partnerships with markets much less affected by the financial disaster. We’re optimistic in regards to the future and we are going to search to continuously develop our commerce enterprise, particularly by utilizing new applied sciences to make sure optimum efficiency and supply high quality commerce providers,” Bin Sulayem added.
Final week, the World Commerce Organisation mentioned world commerce has proven indicators of bouncing again from a deep, Covid-19 induced droop, however it cautioned that any restoration may very well be disrupted by the continuing pandemic results. It forecast a 9.2 per cent decline within the quantity of world merchandise commerce for 2020, adopted by a 7.2 per cent rise in 2021.
Yi Xiaozhun, deputy director-general of WTO, mentioned the incidence of Covid-19 worldwide stays stubbornly excessive in lots of areas and commerce has performed a important function in responding to the pandemic, permitting international locations to safe entry to very important meals and medical provides.
“Commerce has additionally facilitated new methods of working through the disaster via the supply of traded IT services. One of many biggest dangers for the worldwide financial system within the aftermath of the pandemic can be a descent into protectionism. Worldwide cooperation is important as we transfer ahead,” mentioned Xiaozhun.
Ahmed Mahboob Musabih, director-general of Dubai Customs, mentioned regardless of the disaster, customs transactions processed surged 41 per cent in H1 2020 to succeed in 7.2 million transactions.
Dubai’s exterior commerce confirmed appreciable development in Might and June in comparison with April 2020, a interval through which widespread lockdowns have been enforced throughout the globe to fight the pandemic. Dubai’s exterior commerce grew in Might in comparison with April by 17.2 per cent to succeed in Dh75 billion, and once more grew 20 per cent in June in comparison with Might to succeed in Dh90 billion.
Airborne commerce accounted for Dh250 billion, accounting for 45 per cent of whole commerce. Sea commerce reached Dh212 billion (39 per cent), whereas land commerce touched Dh89 billion (16 per cent).
Direct commerce totalled Dh320 billion, representing 58 per cent of Dubai’s exterior commerce, whereas commerce via free zones reached Dh227 billion (41 per cent), and customs warehouse commerce weighed in at Dh4 billion (1 per cent).
China maintained its place as Dubai’s largest buying and selling accomplice in H1 2020 with Dh66.4 billion price of commerce. India got here in second with Dh38.5 billion, adopted by the USA in third place with Dh31.7 billion, and Switzerland with Dh24.3 billion. Saudi Arabia continued to be Dubai’s largest Gulf and Arab commerce accomplice and its fifth largest world commerce accomplice with Dh24.1 billion price of commerce.
Gold, diamonds and jewelry topped the listing of commodities in Dubai’s H1 2020 exterior commerce at Dh140 billion, adopted by telecoms at Dh70 billion, and motors within the third place, with Dh25.6 billion. Petroleum oils got here fourth within the listing with Dh21 billion adopted by computer systems with Dh19 billion.