His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said that Dubai's non-oil foreign trade increased to AED1.276 trillion in 2016 despite the global slowdown.
The emirate’s external trade rose 70% from AED754 billion in 2009 to AED1.276 trillion in 2016.
“We achieved this growth despite the world credit crunch in 2008 that hit the world’s economies. The achievement underscores the emirate's strong standing in the global trading landscape,” Sheikh Hamdan said.
Imports stood at AED 803bn, while re-exports and exports accounted for AED330bn and AED143bn respectively.
According to a statement released by Dubai Media Office, China maintained its position as Dubai's leading trading partner with AED166bn in two-way trade (13% of total trade), India came second at AED94 billion (7.4% of total trade), followed by the United States at AED86 billion (6.7% of total trade). Saudi Arabia maintained its position as the top Arab and GCC trading partner and fourth globally with AED52 billion (4.1%) of total trade. Germany stood fifth at AED50 billion (3.9% of total trade).
Sheikh Hamdan pointed out that the economic diversification strategies of Dubai and the UAE are achieving their goals, underscoring the country's economic resilience and its ability to adapt to fluctuations in international markets.
"Dubai's trade sector continues to demonstrate strong performance and significantly contributes to the country's economic growth. We will be a very successful host of Dubai Expo 2020. Dubai is transforming itself into the world's smartest city and a knowledge-based economy as well as leading the UAE's transition into a post-oil economy" the Dubai Crown Prince said.