Dubai’s non-oil trade with Caribbean countries hit $273 million in 2017: Dubai Chamber analysis.

Dec 4, 2018

The value of non-oil trade between Dubai and Caribbean countries totalled $273 million in 2017, according to new analysis released by Dubai Chamber of Commerce and Industry ahead of the first UAE-Caribbean Cooperation Forum in Dubai.

The trade volume was dominated by imports from the region which were valued at $183 million in 2017, while $90 million worth of exports contributed 33% to Dubai’s trade with the region.

The analysis revealed that Suriname was Dubai’s top trading partner in the Caribbean in 2017, with bilateral non-oil trade valued at $113.8 million, accounting for 42% of the emirate’s trade with the region. Guyana was ranked second as the country’s non-oil trade with Dubai amounted to $52.1 million, or 19% of the emirate’s trade with the region.

Dominican Republic and Trinidad & Tobago were named as the third and fourth largest trading partners to Dubai within the region, as the countries’ claimed shares of 10% and 9%, respectively, followed by Belize (7%) and Haiti (3%).

H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, noted that the findings reflected the expanding trade links between the UAE and Caribbean countries, as well as the high-potential areas and sectors where bilateral trade and investment can be boosted in the future. He also explained that Caribbean countries offer several advantages and growth opportunities for UAE-based companies, including close proximity to the US and Latin American markets, vast natural resources, and a business-friendly environment that is conducive to foreign investment.

The analysis revealed that Caribbean markets attracted $6.89 billion worth of foreign direct investment in 2017, with United States, Canada, and China ranking as top sources of FDI flows. Among Caribbean countries, Dominican Republic attracted the most FDI ($3.6 billion) last year, which was injected into the country’s tourism, telecom, real estate and mining sectors. The Bahamas was the second biggest FDI recipient in the region, with inflows totalling $928 million, followed by Jamaica in the third position with the country attracting $888 million.

Commodities from the Caribbean region with high export potential to Dubai include plastics, jewellery, iron and steel, copper articles and copper wire, fertilisers, cosmetics and perfumes, glass containers and soap. Logistics, tourism, agribusiness, light manufacturing and energy were identified as key sectors in the region that offer the most investment potential.