Dubai
Dubai on Saturday said its non-oil foreign trade hit Dh1.182 trillion last year despite headwinds from an intensified global economic downturn.
Spurred by its efforts to achieve Dh2 trillion trade target by 2025, the emirate’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.
The emirate, which recorded Dh1.37 trillion foreign trade in 2019 before the pandemic strike, proved its resilience to global headwinds, as well as its rapid economic recovery and revitalised growth in the second half of the year, by sustaining steady growth in foreign trade.
“Total trade volume in 2020 reached 100 million tonnes, driven by a six per cent year-on-year volume growth in the second half of the year.
Overall value of exports in 2020 grew eight per cent to Dh167 billion while imports accounted for Dh686 billion and re-exports totalled Dh329 billion,” according to official data released on Saturday.
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.—Khaleej Times
