Dubai’s total non-oil foreign trade, including direct, free zone and customs warehouse, grew by 29.6 per cent in 2007, defying a grim warning by the World Trade Organization (WTO) of a slower global economic growth during the period.
Statistics compiled and released by Dubai World's Statistics Department show Dubai's direct exports in 2007 registered an increase of 48 percent year on year, while direct imports rose by 35 percent.
Sultan Ahmed Bin Sulayem, Chairman, Dubai World, said: “2007 has been a phenomenal year for Dubai. The figures released by Dubai World Statistics Department only confirm the emirate's ability to sustain rapid economic growth despite the worries at global levels. It is particularly encouraging to see Dubai's exports are growing faster than imports. The fact is that emerging economies in the region stepped up their imports from Dubai further strengthens the emirate’s status as a regional economic hub.”
The final figures prepared by Dubai World Statistics Department on the basis of the statements by Dubai Customs in 2007 show that the total non oil foreign trade increased by AED 155 billion. It reached AED 678.5 billion in 2007, compared to about AED 523.5 billion in 2006.
Nassim Al Mehairi, Acting Department Head -Statistics Department, Dubai World, said: “Finalizing the annual statistics for Dubai’s foreign trade within just 16 days of the year-end is a record for the Middle East. This is of great significance because decision makers, departments and institutions build their feasibility studies based on the data we have compiled.”
The total non-oil foreign trade volume (excluding the free zones and customs warehouses) reached AED 425.4 billion in 2007, compared to AED 316.44 billion in 2006, showing a growth rate of 34 percent. The free zones recorded trade worth AED 237.8 billion last year, compared to AED 193.7 billion in 2006. In the customs warehouses, the trade value reached AED 15.3 billion through 2007, compared to AED.13.4 billion in 2006.
Imports and ExportsImports into Dubai grew by AED 77.8 billion in 2007 to reach AED 297.7 billion, compared to around AED 220 billion in 2006 – a growth rate of 35 percent. Even more interestingly, 47 percent of common consumer items in Dubai were imported from only five countries, with 14 percent coming from China and 12 percent from India.
Dubai's exports grew by 48 percent to reach AED 27 billion, compared to AED 18.3 billion in 2006.
India was the single largest importer of products from Dubai, accounting for 43 percent of total exports.
Re-exports also registered a remarkable 28.7 percent growth in 2007, to reach AED 101 billion compared to AED 78 billion in 2006.
India and Iran were the biggest trading partners, accounting for 22 percent and 17 percent of re-exports respectively.
Al Mehairi, said: “The main reasons behind this healthy growth is increasing demand for commodities and services in Dubai and other emirates due to the rapid growth in the population, fuelled largely by increases in the size of the expatriate workforce; capital spending on real estate and infrastructure schemes which also fuelled demand for all commodities ranging from durable goods to consumer goods; and finally, the increased level of liquidity in Dubai and in the UAE which means more money was available to finance imports.”
© 2008 Al Bawaba (www.albawaba.com )