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China becomes Dubai’s top trade partner in H1 – Economics & Business Channel
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China becomes Dubai’s top trade partner in H1

Dubai’s foreign trade in the first six months of 2014 fell 3.7 percent to AED654 billion from AED679 billion in the same last year. The emirate’s foreign trade in 2013 totaled AED1.392 trillion.

Imports during the first half of the year reached AED408 billion, while exports hit AED59 billion and re-exports at AED187 billion, Dubai Customs said in a statement on Wednesday.

China was Dubai’s top foreign trade partner during the first half of the year, with a trade value of AED80.5 billion, followed by India with AED53 billion, the US with AED41 billion, and Saudi Arabia with AED27 billion. Phones and PCs accounted for 17 percent of Dubai’s total foreign trade in the first half of the year.

“The commodities and markets’ diversity currently seen in Dubai’s foreign trade is attributed to the strategic initiatives launched by Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to shift to a smart economy that puts Dubai on the fast track towards becoming the world’s smartest city,” said Sultan Ahmed Bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation.

Phone trade amounted to AED85 billion, up 11 percent compared to the AED76 billion in the first six months of 2013. China was the top importer of phones to Dubai, with a value of AED27 billion, while Saudi Arabia was the main market for phone re-exports, with a value of AED8.5 billion.

Computers trade grew by 9 percent from AED24.6 billion to AED27 billion during the first half of this year.

Jewelry trade was valued at AED29.5 billion during the first half of 2014, up 12 percent from AED26.4 during the same time a year ago. Automotive foreign trade climbed 31 percent from AED24.3 billion to AED32 billion in the period under review.

Helicopters and lightweight aircraft climbed 14 percent to AED9.4 billion against AED8.3 billion.

Petroleum oils’ trade grew by 31 percent from AED15.6 billion to AED20.5 billion.

Lightweight ships and floating equipment trade grew more than 125 percent to AED3 billion compared to AED1.35 billion in the first half of 2013. Also, the air conditioning’s business grew by 53 percent to AED3.6 billion against AED2.4 billion.