China replaces India as Dubai’s biggest non-oil trade partner



China is now Dubai’s biggest non-oil trade partner, government figures show.

Trade with China totalled Dh175 billion in 2014, up from Dh135.7bn the previous year.

That represents an increase of 29 per cent – enough to push India off the top spot as Dubai’s major non-oil trade partner.

Non-oil trade between Dubai and India totalled Dh109bn last year. The United States accounted for Dh83bn of trade, while Saudi Arabia was the UAE’s largest Gulf trade partner, with a total trade value of Dh52bn.

Overall non-oil trade totalled Dh1.33 trillion in 2014 – an increase of 0.15 per cent against 2013’s figure of Dh1.32 trillion.

Non-oil exports and re-exports accounted for Dh486bn, while Dubai imported Dh845bn of goods and services.

Dubai’s appetite for smartphones accounted for the biggest chunk, with trade in the devices totalling Dh178bn in 2014, an increase of 9 per cent against the previous year.

Direct trade accounted for Dh818.8bn of Dubai’s total non-oil trade, while free zones accounted for Dh488.7bn.

Jebel Ali Free Zone, which reported its full-year results this month, added 650 new businesses last year, leading profits to grow by 50 per cent across 2014.

Demand for warehouse space near Dubai World Central, and around the area of Dubai’s mooted logistics corridor, is strong, real estate analysts said.

Dubai aims to become one of the world’s leading logistics hubs.

“Historically, trade has always been a prime economic activity commonly practiced by the people of the UAE, and today the trade sector plays a significant role in our overall economic development,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.

“Within the framework of our comprehensive developmental strategy, trade has integrated with other sectors to secure diversification of our national income confirming our ability to sustain solid growth,” he said.

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How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

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