Dubai’s non-oil foreign trade surges 46pc in Q1 to AED 214bn
Dubai’s non-oil foreign trade volume (including free zones and customs warehouses), jumped 46 per cent in the first quarter of 2008, reaching AED 214 billion (around US$58.3 billion), against AED 146.5 billion (US$39.9 billion) registered during the same period in 2007.
During the period under review, Dubai’s exports recorded a phenomenal growth, soaring by 79 percent, while re-exports went up by 73.5 per cent and imports grew by 49.7 percent.
The latest statistics, compiled and released by Dubai World’s Statistics Department show that Dubai's direct non-oil foreign trade, excluding free zones and customs warehouses, amounted to AED 143.8 billion (around US$39.2 billion) during the first quarter of 2008, against AED 91.53 billion (around US$ 24.9 billion) for the same period in 2007, showing an increase of AED 52.3 billion (around US$14.2 billion).
Sultan Ahmed Bin Sulayem, Chairman, Dubai World, said: “The figures released by Dubai World Statistics Department underscore the buoyant commercial growth of the emirate, reinforcing Dubai’s reputation as a major commercial hub. The growth is fuelled by the government’s relentless efforts to upgrade the existing modern infrastructure of ports, airports and land transportation network, connecting Dubai to the world.
“The growth of Dubai’s non-oil economy also comes as a result of the noticeable rise in the international oil prices, which led to a corresponding increase in government income and the public spending on developmental projects. The unprecedented construction boom and the tourist and commercial development are also factors which largely contributed to this growth.”
Nassim Al Mehairi, Acting Department Head, Statistics Department, Dubai World, expects that the robust growth in Dubai’s direct non-oil foreign trade to continue in the three remaining quarters of the current year.
“The statistics, released by the Dubai World Statistics Department, show a 49.7 percent increase in Dubai’s imports from various world countries, from AED 64.22 billion in 2007 to AED 96.12 billion in the first quarter of 2008. Re-export trading grew to AED 37.28 billion against AED 21.49 billion. Concurrently, Dubai’s exports to various countries showed a remarkable progress, rising from 79 per cent in the first three months of 2008 to reach AED 10.43 billion, compared to AED 5.83 billion in the same period of 2007,” Al Mehairi said.
India topped the list of Dubai’s direct import destination in the first quarter of 2008 with a share of 13.14 percent of total imports worth AED 12.6 billion. China came second with AED 10.7 billion, followed by Switzerland with AED 7.2 billion. India, China and Switzerland together accounted for 31.8 per cent (AED 30.5 billion) of Dubai’s total imports, while imports from other countries accounted for 68.2 per cent (AED 65.6 billion).
As for Dubai’s exports, India again topped the list with 45.7 per cent, of the total exports worth AED 4.7 billion during the first quarter of 2008, followed by Switzerland, with 13.5 percent (AED 1.4 billion) of direct exports, and Jebel Ali Free Zone, with 3.68 per cent (AED 384 million). Thus, the three countries account for 63 per cent of Dubai’s exports (AED 6.5 billion), while exports to other countries amounted to 37 per cent (AED 3.86 billion).
India maintained its position the largest re-export destination with 31.8 percent (AED 11.9 billion) out of the total re-exports in the first quarter of 2008. Iran came second with total re-export trading hitting 14 per cent (AED 5.2 billion) of total re-exports, followed by Switzerland, with 9 per cent (AED 3.3 billion). AED 20.45 billion is the total re-exports trading of these three countries with Dubai, which accounted for 54.8 percent of the total re-exports, while the other accounted for 45.2 per cent (AED 16.8 billion).
© 2008 Al Bawaba (www.albawaba.com)