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By Wealth Monitor Intelligence
March 30, 2016 | 14:00 | Dubai
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, yesterday announced that Dubai recorded a non-oil foreign trade of AED 1.283 tn in 2015, details for which are provided in the charts below:
Trade dipped 3.6% from a year ago. Some of the highlights within the announcement include
Given the share of China within the trading partners, focus would remain on Chinese economic data in the immediate term as observers make predictions around the trend of the regions non-oil foreign trade going into the rest of 2016.
While the numbers reported reflect a marginal YoY decline, it needs to be reviewed in light of the overall slowdown which has gripped the global economy for a major portion of the year gone by. Using Oil as a barometer for global sentiment, the chart below reflects the 47% decline in average crude oil prices for 2015 as against the previous year. Thus, it is reflective of the proactive vision of the leaders at the helm in identifying the need to diversify the UAE economy. The UAE’s long-term plan is to lower the hydrocarbon contribution to its GDP down to 5% by 2021 from the currently estimated 30%.