Non-oil trade between Dubai and South Korea registered a healthy 8.75 percent expansion during 2006 compared to the year before, testifying to the long and distinguished economic relations between the two sides.
According to data compiled by the Statistics Department of Dubai world and released on Wednesday (May 30), Dubai-South Korea non-oil trade last year was valued at AED 6.828 Billion, compared to AED 6.278 Billion during 2005.
Of this, Dubai’s exports to Korea increased by 21.75 percent – from AED 151.7 Million to AED 184.8 Million. It was the highest export growth rate recorded for Dubai in bilateral trade with the Far Eastern nation.
Re-exports recorded a rise of 5.31 percent – from AED 62.2 Million to AED 65.5 Million during 2005-06.
Imports from South Korea, grew 8.46 percent during the same period, reaching AED 6.57 Billion last year compared to AED 6.06 Billion in the previous year.
The Statistics Department said that the expanding trade was a natural result of the dynamism that distinguishes economic relations between the UAE and South Korea, which overall jumped almost 100 percent over the past three years.
South Korean companies are engaged in massive projects in Dubai and the rest of the UAE. During his recent official visit to Seoul, HH Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said the UAE was a partner and transit gate for South Korean exports to the entire region.
A breakdown of the trade categories showed that construction and industrial goods occupied predominant positions.
Aluminum and its derivatives accounted for 82% of Dubai’s total non-oil exports to South Korea and were valued at AED 151.4 Million, followed by ceramic products (AED 10 Million), copper and copper products (AED 7.8 Million), fish and seafood (AED 2.7 Million), wood (AED 2.4 Million) and other commodities (AED 10.2 Million).
Electrical equipment and parts topped Dubai’s imports from South Korea making up 24.58 percent of the total at a value of AED 1.617 Billion. Other items on the list were vehicles (AED 1.152 Billion, machinery, boilers, and spare parts (AED 689.5 Million), iron and steel (AED 647.8 Million), filaments (AED 462.4 Million) and other commodities and products (AED 2 Billion).
Vehicles also topped the list of Dubai’s re-exports to South Korea accounting for 21.69 at a value of AED 14.2 Million, followed by machinery, boilers and spare parts (AED 10.6 Million), pearls, precious and semi-precious stones and precious metals (AED 6.6 Million), copper and related products (AED 6.1 Million), optical and cinematography equipment (AED 4.6 Million) and other commodities (AED 22.03 Million).