Dubai's non-oil foreign trade rose 6 per cent during the first nine months of 2019 reaching Dh1.02 trillion ($277 billion) compared to Dh966 million in the same period in 2018, while volumes surged 22 per cent to 83 million tonnes from 68 million tonnes.

Exports rose by 23 per cent to Dh118 billion, re-exports grew by 4 per cent to Dh312 billion, and imports rose 3 per cent to Dh589 billion.

The volume of re-exports skyrocketed 48 per cent to reach 13 million tonnes. Exports rose by 47 per cent to 14 million tonnes while imports grew by 13 per cent to 56 million tonnes.

Dubai achieved regular quarterly profits in 2019. The third quarter saw the highest trade activity worth Dh343 billion, a growth of 7 per cent. The second quarter’s trade activity witnessed 3 per cent growth to reach Dh337 billion while the first quarter’s trade activity saw a 7 per cent growth to reach Dh339 billion, compared to the same period in 2018.

“The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and prepares us to take advantage of the new opportunities that will come in 2020 – the year that will mark a new push for transformational growth over the next 50 years,” said His Highness HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.

“We are confident our external trade sector will continue its strong growth momentum. Government teams are going above and beyond to develop new initiatives that will fast-track our trade growth. These include the Dubai Silk Road project, which will enhance Dubai’s position as a leading trade and logistics hub,” he added.

“We are working on a virtual trade zone, the first of its kind in the world, which will considerably boost the development of e-commerce regionally and globally. All our various achievements will also enable us to host an exceptional EXPO 2020 and accelerate our growth and progress beyond the event,” he said.