Printer Friendly

Dubai direct trade surges 27% to Dh289b.

Summary: DUBAI - Dubai's direct trade exchange with the world has seen a significant rise of 27 per cent in the first five months of the year, reaching Dh289 billion compared to Dh228 billion in the same period in 2010.

DUBAI - Dubai's direct trade exchange with the world has seen a significant rise of 27 per cent in the first five months of the year, reaching Dh289 billion compared to Dh228 billion in the same period in 2010.

Ahmed Butti, the Executive Chairman of Ports, Customs and Free Zone Corporation, said the indicators of Dubai trade with the world spanning exporting, importing and re-exporting, recorded positive and promising rates from January to May 2011.

"Likewise, free zone trade scored a 25 per cent growth valued at Dh160 billion as opposed to Dh128 billion in the same period last year."

Furthermore, the customs warehouse business has attained record growth of 58 per cent, or Dh1.9 billion, compared to Dh1.2 billion last year.

"Thus, the total of Dubai trade rates, which include direct trade, free zones and customs warehouses, jumped into Dh452 billion compared to the Dh358 billion with a growth rate of 26 per cent," he said.

Butti, who is also Dubai Customs Director-General, attributed the boost to the economic diversity of Dubai and its remarkable status as a key business hub. "The record rates scored prove that Dubai has already overcome the financial crisis which stormed the international markets and still does." According to Dubai Customs statistics, a growth of 36 per cent, equivalent to Dh36.4 billion, has been registered in the volume of Dubai exports from January to May, 2011, compared to Dh26.7 billion in the same period last year.

"This trend reflects the competitiveness and accessibility of local goods in the outside markets as well as external trader and consumer trust in the Emirati goods which meet high quality international standards," he said.

Meanwhile, Dubai imports, which grew by 23 per cent, hit Dh178.8 billion in the same period compared to Dh145.6 billion in 2010.

"This indicates a growing purchase power, available attractive opportunities in the local market, and a pressing local demand for consumption goods."

A further boom has been noticed in re-exports, which amounted to Dh74.2 billion over Dh55.8 billion last year, an increase of 33 per cent.

Indicating that Dubai's infrastructure supports export and import operations, Butti said Dubai Customs offers its services in multiple customs centres and ports.

Meanwhile, India, with over Dh87 billion of trade transactions representing 30 per cent of Dubai's trade rate with the world, topped the list of countries in direct trade with the emirate, both in terms of imports and exports in the first five months of the year. "Statistics showed that Dubai imports from India stood at Dh41.3 billion from January to May 2011 whereas Dubai exports to India were estimated at around Dh16 billion and the goods and products re-exported to India hit Dh30 billion," Butti said.

China and the US came second and third, respectively, in terms of the most exporting countries to Dubai. "Dubai imports reached Dh18.5 billion from China and Dh13.1 billion from the US whereas Germany came fourth with around Dh10 billion," Butti said, adding that Switzerland ranked second in Dubai exports list with a value of Dh2.7 billion, followed by Saudi Arabia with Dh1.7 billion.

Rough and manufactured diamonds topped the list of goods Dubai imported, with a total value of around Dh31 billion. "Gold ore came second with over Dh29.5 billion, followed by jewellery, accessories and precious metals with a value of over Dh10.1 billion, and cars and spare-parts with more than Dh7.7 billion," Butti said.

As for Dubai exports, gold topped the list with over Dh22 billion, followed by petroleum oil and bituminous minerals with a value of Dh1.5 billion.

"However, diamonds topped the re-exporting list in the first five months of the year with over Dh33.2 billion, while cars and spare-parts came second with a value of Dh3.75 and finally jewellery and precious metals with a value of Dh3.1 billion," Butti added.

Copyright 2011 Khaleej Times. All Rights Reserved.

Provided by an company
COPYRIGHT 2011 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Aug 21, 2011
Previous Article:Egypt stocks dive sharply on Israel spat.
Next Article:China's US assets safe, Biden tells students.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters