Dubai’s direct trade hits $78bn in 5 months
Dubai, August 21, 2011
Dubai’s direct trade exchange reached Dh289 billion ($78.67 billion) in the first five months of the year, as against Dh228 billion during the same period of 2010, marking an increase of 27 per cent.
Free Zones trade increased 25 per cent to Dh160 billion compared to Dh128 billion in the same period last year, according to Wam, the UAE new agency.
Customs warehouse business achieved a record growth of 58 per cent to about Dh1.9 billion as compared to the Dh1.2 billion recorded last year.
Dubai's total trade, which include direct trade, free zones and customs warehouses, jumped to Dh452 billion compared to Dh358 billion in the same period last year, registering a growth rate of 26 per cent.
“This growth is attributed to the economic diversity Dubai enjoys as well as the remarkable status it takes being a key business hub,” said Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs.
Statistical indicators showed a major growth of 36 per cent in exports, amounting to Dh36.4 billion as opposed to Dh26.7 billion in the same period last year.
The re-exporting sector grew by 33 per cent to reach Dh74.2 billion as compared to Dh55.8 billion. Imports went up by 23 per cent, reaching Dh178.8 billion compared to Dh145.6 billion for the same period of 2010.
“Dubai's economic policies are distinctive and its economic legislations and systems meet top international standards and practices,” Butti said.
India accounted for the biggest share of Dubai direct trade with a total trade exchange of over Dh87 billion between the countries during the first five months of 2011, forming 30 percent of the total rate of Dubai trade.
India topped the list of countries in imports (Dh41.3 billion), exports (Dh16 billion) and re-exports (Dh30 billion).
China came in second place in terms of imports with a value of Dh18.5 billion, followed by the US with a value of Dh13.1 billion.
Switzerland claimed the second place for exports with a value of Dh2.7 billion, followed by Saudi Arabia with exports worth Dh 1.7 billion.
Rough and manufactured diamonds topped the list of Dubai’s imports with a value of around Dh31 billion.
Gold ore came second with over Dh29.5 billion, followed by jewellery and precious metals with a value of over Dh10.1 billion, and cars and spare-parts with more than Dh7.7 billion.
Among exports, gold claimed the top with over Dh22 billion in value, followed by petroleum oil with a value of Dh 1.5 billion.
Diamonds topped the re-exporting list during the first five months with over Dh 33.2 billion, followed by cars and spare-parts at the second place with a value of Dh 3.75 billion. Jewellery and precious metals re-exports stood third with a value of Dh3.1 billion. – TradeArabia News Service