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DAFZA's Non-Oil Foreign Trade Exceeds $32 Billion in 2020
Free zone contributes 10% to Dubai's non-oil foreign trade
Dubai Airport Freezone Authority (DAFZA) has announced that its foreign non-oil trade reached more than $32 billion in 2020.
The free zone contributed 10% to Dubai's non-oil foreign trade and 25% to the total trade in free zones in the emirate of Dubai.
This affirms the free zone's capability in overcoming the challenges and consequences of the pandemic. The results demonstrate DAFZA's integrated ecosystem that ensures continuity of global trade despite various economic conditions and fluctuations.
DAFZA's trade witnessed exceptional growth compared to the same period last year during the third and fourth quarters in 2020 by 36.4% and 23%, respectively.
In H2 2020, DAFZA witnessed growth in total trade by 7.1% compared to the first half of the year. This is due to the increase in imports of all types of goods by 10.7% and exports by 7%, and re-exports by 4.5%.
His Excellency Dr. Mohammed Al Zarooni, Director General of DAFZA, said: "Under the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and ruler of Dubai, several economic stimulus packages and strategic initiatives have been implemented.
"These ongoing activities aim to support the economic landscape and business operations within the emirate.
"Other strategies aimed at enhancing logistical operations and ensuring smooth trade processes have allowed the emirate to continue on its path to recovery following the implications brought on by the pandemic."
In terms of goods – machinery and electrical equipment ranked first for DAFZA's trade in 2020, making up 76.7% for exports and re-exports, and 74.8% for imports.
Asia ranked first in terms of major trading partners with a percentage of 42.6% share in total DAFZA trade, followed by MENA countries with 37.9%, in which the GCC countries accounted for 17.8%. Europe ranked third with a rate of 13.6% in total DAFZA trade.
China was DAFZA's biggest trade partner in 2020, with 27% of atrade.
DAFZA had launched a series of economic stimulation packages to support multinational companies and SME's during the unprecedented economic challenges of the pandemic across all sectors.
The incentive packages proved their value in ensuring companies have the flexibility to mitigate the challenges of the pandemic, in line with Dubai's approach and objectives.
Read More: DAFZA Celebrates Silver Jubilee Year