Despite the turmoil across global markets due to the deflation in oil and commodity prices as well as the fluctuation in the exchange rates of major global currencies, Dubai maintains high foreign trade figures.
Recent figures released by Dubai Customs show that Dubai's non-oil foreign trade during the first half of 2015 reached Dh 652 billion, with imports adding up to Dh 402 billion, exports to Dh 65 billion and re-exports accounting for Dh 185 billion.
Phones had the lion's share of traded commodities in Dubai, as they represented 15% of the emirate's overall foreign trade with a total value of Dh 95 billion in H1 2015.
Automobiles, worth Dh 35 billion, were traded through Dubai in H1 2015, showing the emirate's status as a booming automotive trade hub.
Commenting on Dubai's trade figures, Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation, said that these figures reflect the robust trade ties – which are growing by the day – between Dubai and major global economies. China led the list of Dubai's top trading partners, with a total bilateral trade volume of Dh 90 billion in the first half of 2015. China was followed by India and USA at Dh 50 billion and 39.3 billion respectively. KSA was the fourth global and top Arab trading partner of Dubai at Dh 32.2 billion.
"Dubai has shown it is strong enough to withstand the global economic turmoil, relying on innovative work systems, long-standing expertise and know-how, highly skilled workforce and advanced infrastructure for telecommunication, transport, freight and logistics.
"The flexibility and diversity of Dubai's trade as well as its ability to make inroads into new markets have all had a positive impact on the competitiveness of the UAE in general and Dubai in particular," Bin Sulayem added.
Ahmed Mahboob Musabih, Director of Dubai Customs, said: "We aim to accommodate the increasing foreign trade by continuously developing customs services and facilitations being offered to traders and investors. In 2015, we unveiled new initiatives aimed at increasing the returns of investors and traders who favoured Dubai as the platform for their business operations. The AEO program, Virtual Freight and Logistics Corridor, and e-Inspection facility are just some of these initiatives."
Dubai Customs joins hands with other government agencies to deliver an integrated package of superior services, backed by flexible and an advanced legislative framework, to increase Dubai's appeal as a major trade hub, Musabih added.