Dubai’s non-oil trade in 1st half of 2008 soars by 54.3%
Dubai’s non-oil trade in 1st half of 2008 soars by 54.3% to AED296.6 billion
Impressive rise in import, export and re-export; India top trading partner
Dubai's non-oil direct foreign trade jumped by 54.3 per cent during the first half of 2008 ending in June compared to the same period in 2007, the latest report by Dubai World’s Statistics Department revealed.
According to the report, Dubai’s direct foreign trade recorded a massive first-half jump by AED104.4 billion (around US$ 28.4 billion), to reach AED296.6 billion (around US$ 80.8 billion), compared to AED192.2 billion (US$ 52.3 billion) achieved last year during the same period.
Mr. Saeed Al Qaizi, Director of Procurement, Contracts and Statistics, Dubai World, said: “This growth reflects the position Dubai now enjoys in global trade. Excellent development of infrastructure and reinforcement of its competitive potentials have helped Dubai to become an attractive economic hub for investments in diverse areas. This is clearly reflected in the Statistics Department report, which has been prepared from carefully documented data of the trading activity in the emirate.”
Nassim Al Mehairi, Acting Manager, Statistics Department, Dubai World said: “Dubai’s overall imports during January-June, 2008 rose from AED135.1 billion to AED206.2 billion, which amounts to a growth rate of 52.7 per cent.”
Dubai’s exports also recorded phenomenal growth, rising by AED7.5 billion in the first half of 2008 to reach AED20.1 billion - a growth rate of 59.1 per cent. Re-exports registered a similar remarkable 57.7 per cent growth to reach AED70.3 billion, compared to the 2007 figure of AED44.5 billion.
India topped the list of Dubai’s main trading partners during the period in import, export and re-export sectors. In imports the bilateral trade volume during the period grew by 49.6 per cent, reaching AED24.1 billion against AED16.1 billion in the first half of 2007.
China moved from first to second place, showing a growth by AED23.8 billion, compared to AED18.3 billion during the first period of 2007 - a growth rate of 29.9 per cent. The United States of America maintained its third place with AED16.4-billion worth of imports during H1, 2008, against AED9.2 billion in 2007, showing a growth rate of 76.4 per cent, the report said.
India also topped among trading partners in exports at AED8.3 billion during the first six months of this year - a growth rate of 44.4 per cent compared to the first six months of 2007 (AED5.7 billion), the report noted.
Switzerland came second in the first half of 2008, jumping from the 56th place in H1 of 2007. Dubai’s bilateral trade with Switzerland grew by 6039.6 per cent from AED24.7 million to AED1.5 billion. The Jebel Ali Free Zone also jumped from the 16th place to the 3rd place, with exports reaching AED800 million, compared to around AED100 million in 2007 first half.
In re-export trading during first half of 2008, India again came on top of the list after coming second during the first half of 2007, recording a growth rate of 176.3 per cent, compared to the same period of the current year, rising from AED7.9 billion to 21.9 billion. Iran moved to second place despite recording a growth rate of 25.9 per cent, with the re-exports increasing from AED8 billion to AED10.2 billion, while Switzerland came third at a growth rate of 108.2 per cent, rising from AED2.3 billion to AED4.8 billion.
© 2008 Al Bawaba (www.albawaba.com)