Double-digit growth recorded in Mexico, Dubai trade

Mexico is recognized as Dubai’s second-largest Latin American trade partner, making up 30 percent of the emirate’s imports and 13 percent of its exports in 2015.

The growth of non-oil trade between Mexico and Dubai increased by a drastic rate of 17.6 percent between 2010 and 2015, documenting $1.33 billion in volume last year.

Imports and exports increased by 18.3 percent and 21.2 percent, respectively, to achieve $1.25 billion and $30 million. In addition, re-exports skyrocketed 246 percent to $37.5 million over the previous year.

The Dubai Chamber of Commerce and Industry released the above trade statistics in preparation for the Global Business Forum on Latin America, themed “Shifting Synergies,” which will be hosted Nov. 9-10 at Atlantis the Palm in Dubai.

In 2015, Dubai imported $105 million in vehicles and $353 million worth of telephone sets from Mexico.

Noteworthy exports include unwrought aluminum and polymers of ethylene, with gold being noted as a major import.

“As our second-largest trade partner in Latin America, we know we can count on Mexico to play a key role in our efforts to expand our operations in the region,” Hamad Buamim, president and CEO of Dubai Chamber, said. “We look forward to welcoming our Mexican partners at the Global Business Forum on Latin America in Dubai this November.”

The forum -- which aims to delve into investment and business possibilities between the Middle East and Latin America -- is supported and organized under the management of Mohammed Al Maktoum, UAE vice president and ruler of Dubai.

Executives and prominent stakeholders are expected to attend the event, in addition to heads of private banks, sovereign wealth funds and private equity firms. More than 500 guests are being anticipated, which will also include heads of state, policymakers, CEOs, business leaders, investors and industry professionals.

Under the Pacific Alliance, Mexico aims to better its economic collaboration with Chile, Colombia and Peru. The forum will undoubtedly strengthen the investment and business option between the GCC region and Mexico.