Dubai’s non-oil trade grows by 44.5% to Dh705 billion in January-September 2008
Dubai's non-oil foreign trade, including trade via free zones and customs warehouses, surged by 44.5 per cent during the first nine months of 2008 ending in September, compared to the corresponding period in 2007, the latest report by Dubai World’s Statistics Department revealed.
According to the report, Dubai’s direct foreign trade recorded a growth by 51.2 per cent, with a corresponding rise of 33.4 per cent in the trade activity through other channels such as free zones and customs warehouses.
Mr. Saeed Al Qaizi, Director of Procurement, Contracts and Statistics, Dubai World, said: “Dubai’s non-oil foreign trade during the first nine months of 2008 recorded a massive jump of 217.5 billion dirhams (around US$ 59 billion), to reach Dhs705 billion (around US$ 192 billion), compared to Dhs488.5 (US$ 133 billion) last year during the same period.”
“Direct trade during the January-September rose from Dhs304.4 billion in 2007 to Dhs460.3 billion in 2008. Imports jumped 52 per cent, rising from Dhs215 billion to Dhs326.6 billion. Re-exports registered a remarkable rise from Dhs70 billion to Dhs101.3 billion, while exports increased from Dhs19.4 billion to Dhs32.2 billion,” he added.
Al Qaizi pointed out that non-oil trade through the free zones and customs warehouses rose from Dhs184.1 billion during the first nine months of 2007 to Dhs245.6 billion in the corresponding period in 2008, which amounts to a growth rate of 33.4 per cent. Imports recorded a growth rate of 35.6 per cent, rising from Dhs113 billion to Dhs153.3 billion. Export increased by 30 per cent, rising from Dhs71 billion to reach Dhs92.2 billion.
Nassim Al Mehairi, Acting Manager of Statistics Department, said: “China topped the list of Dubai’s main trading partners during the period in import, occupying the first place with Dhs40.5 billion. India came second with Dhs37.2 billion followed by the US with Dhs24.9 billion.”
“India and Iran were the biggest re-export trading partners, accounting for Dhs 29.3 billion and Dhs15.2 billion respectively. Iraq was in the third place with Dhs6.4 billion. In exports also India came first, accounting for Dhs13 billion. Switzerland was second with Dhs2.2 billion and Egypt came third with Dhs1.4 billion,” she added.
Al Mehairi noted that China topped the list of Dubai’s trading partners in non-oil foreign trade through free zones and customs warehouses, with Dhs28 billion, followed by India with Dhs15 billion and the US with Dhs12.5 billion.
“In exports through the free zones and customs warehouses, Iran topped the list with Dhs13.7 billion, followed by India with Dhs10.5 billion and the Kingdom of Saudi Arabia with Dhs9.8 billion,” she said.
© 2008 Al Bawaba (www.albawaba.com)