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Dubai’s Foreign Trade Soars to Dh705b

DUBAI — The total non-oil foreign trade of Dubai surged 44.5 per cent to reach Dh705 billion ($192 billion) in the first nine months of 2008 compared to the corresponding 2007 period, according to Dubai World’s Statistics Department.

The figure represents the combined trade value, including those through free zones and customs warehouses.

Saeed Al Qaizi, Director of Procurement, Contracts and Statistics, Dubai World, said the emirate’s non-oil foreign trade recorded a jump of Dh 217.5 billion ($59 billion) to reach an-all time high. In 2007, the total trade during the first three quarters was at Dh488.5 ($133 billion).

In the first half of 2008, Dubai’s non-oil direct foreign trade surged 54.3 per cent — from Dh192.2 billion to Dh296.6 billion. Trade analysts said with Dubai expected to maintain the momentum in the last quarter, its total non-oil trade for 2008 is poised to cross Dh940 billion.

While India retained its position as the top overall trading partner accounting for Dh105 billion, China topped the list as Dubai’s main country of imports at Dh40.5 billion. India came second with Dh37.2 billion followed by the US with Dh24.9 billion.

In re-exports, India and Iran were the biggest re-export trading partners, accounting for Dh29.3 billion and Dh15.2 billion respectively. Iraq was in the third place with Dh6.4 billion. In exports also India came first, accounting for Dh13 billion. Switzerland was second with Dh2.2 billion and Egypt came third with Dh1.4 billion.

In exports through the free zones and customs warehouses, Iran topped the list with Dh13.7 billion, followed by India with Dh10.5 billion and Saudi Arabia with Dh9.8 billion.

Nassim Al Mehairi, Acting Manager of Statistics Department, said China also topped the list in non-oil foreign trade through free zones and customs warehouses, with Dh28 billion, followed by India with Dh15 billion and the US with Dh12.5 billion.

According to Engr Saed Al Awadi, Chief Executive Officer, of Dubai Export Development Corporation (EDC), as the world’s third largest re-export hub, Dubai would maintain its growth momentum in exports regardless of the global economic melt-down.

“The current economic downturn has no real effect so far on our activities,” he said recently. During the first half of 2008, Dubai recorded 59 per cent increase in exports as compared to the same period last year.

According to the latest data, Dubai’s direct foreign trade recorded a growth of 51.2 per cent — from Dh304.4 billion in 2007 to Dh460.3 billion in 2008 — with a corresponding rise of 33.4 per cent in the trade activity through other channels such as free zones and customs warehouses. Imports jumped 52 per cent, rising from Dh215 billion to Dh326.6 billion. Re-exports registered a remarkable rise from Dh70 billion to Dh101.3 billion, while exports increased from Dh19.4 billion to Dh32.2 billion.

The total non-oil trade through the free zones and customs warehouses rose from Dh184.1 billion during the first nine months of 2007 to Dh245.6 billion in the corresponding period in 2008. Imports recorded a growth rate of 35.6 per cent, rising from Dh113 billion to Dh153.3 billion. Export increased by 30 per cent, rising from Dh71 billion to reach Dh92.2 billion.

· issacjohn@khaleejtiems.com