Dubai’s non-oil foreign trade with the rest of the world soared 38 per cent in 2008 to Dh934.7 billion ( $254 billion) when compared to Dh678.5 billion ($184.5 billion) in 2007, according to figures released by Dubai World.

Commenting on the strong growth, Saeed Al Qaizi, director of procurement, Contracts and Statistics, Dubai World, said that Dubai’s total foreign trade has maintained its steady growth pattern in 2008, reflecting the emirate’s basic economic strength.

“Even during times of global economic fluctuations, Dubai has stayed on course of positive growth. A close study of the trade trend over the past 10 years shows that this pattern will continue in the coming years and Dubai will remain the leading trading hub in the region,” he noted.

Nassim Al Mehairi, senior manager of Statistics Department, said the emirate's direct trade volume surged by 44 per cent, reaching Dh612.7 billion in 2008 when compared to 2007 when it was Dhs425.4 billion.

The biggest growth was marked in the exports sector, which rose by 58 per cent from Dh27 billion in 2007 to Dh42.6 billion in 2008.

"This Dh14 billion increase underlines the sound nature of the national economy," she remarked.

“Imports grew by 48 per cent, rising from Dh297.7 billion in 2007 to Dh441.4 billion in 2008. The re-exports sector recorded growth by 28 per cent from Dh100.6 billion in 2007 to Dh128.6 billion in 2008,” she said.

Foreign trade through Dubai’s free zones increased by 29 percent in 2008 compared to the previous year, rising from Dh237.7 billion to Dh307 billion.

The imports recorded 33 per cent growth, from Dh141.6 billion to Dh187.8 billion, whereas exports rose by 24 per cent, Dh96.1 billion to Dh119.1 billion.

Al Mehairi also noted that trade across customs warehouses dipped by two per cent last year compared to 2007 - from Dh15.2 billion to Dh14.9 billion.

Imports recorded a fall of one per cent from Dh13.9 billion to Dh13.8 billion and exports receded by 17 per cent from Dh1.3 billion in 2007 to Dh1 billion in 2008.

The statistics department’s study showed that China topped Dubai’s trade partner list in imports with respect to direct non-oil foreign trade in 2008 at Dhs57 billion, while India came second at Dh48 billion, followed by the US at Dh34.5 billion.

In exports, India was on top last year, at Dh17.3 billion, followed by Switzerland at Dh2.7 billion, the report added.

The exports to Jebel Ali Free Zone were at Dh2 billion. In re-exports also India maintained its first place with Dh32.8 billion worth of trade, followed by Iran at Dh20.3 billion and Iraq at Dh8.9 billion.

China again ranked first in 2008 in imports through free zones, with Dh37.2 billion trade followed by the US at Dh16.2 billion and Japan at Dh15.2 billion.

Iran was the main export destination in free zone with trade at Dh18.6 billion, followed by Saudi Arabia at Dh12.8 billion and India at Dh12 billion.-TradeArabia News Service