The value of Dubai’s non-oil trade dropped by 3.6 per cent to Dh1.28 trillion last year amid lower imports and re-exports, official data showed yesterday.
Dubai’s total non-oil trade in 2014 reached Dh1.33tn.
The value of imports fell by 5.7 per cent to Dh796 billion last year from Dh844.5bn a year earlier. Re-exports declined by 4.7 per cent to Dh355bn from Dh372.4bn. Exports increased by 15.5 per cent to Dh132bn from Dh114.3bn in 2014.
Phones ranked as the most traded commodities, with a total value of Dh185bn, including smart, mobile and land phones. Computers were the sixth most traded commodity, with a total value of Dh46bn.
China held its position as Dubai’s leading trade partner with Dh176bn of trade, followed by India with Dh96bn and the United States with Dh82bn.
Saudi Arabia was the top Arab trading partner and fourth globally with Dh57bn, while Germany was fifth with Dh46bn.
The drop in trade comes at a time of slowing private sector growth, as lower oil prices and government spending trickle down to the non-oil economy.
Dubai’s economy began to shrink last month for the first time since 2010, according to a survey.
The Dubai Economy Tracker, a monthly assessment of business activity in the emirate provided by Emirates NBD, recorded a score of 48.9 last month. Any score below 50 indicates that the economy is contracting.
This is the first month since the data series began in 2010 that the index has slipped into negative territory.
Official GDP data lags by up to a year, meaning that policymakers are forced to look to informal indicators of economic growth to gauge the state of the economy.
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