Dubai: Dubai, the world's third largest re-export centre, saw a 28 per cent jump in its annual re-exports last year with overall non-oil foreign trade growing by 38 per cent to Dh934.7 billion - nearly 140 per cent of its GDP - despite deteriorating global economic conditions in the second half of last year.
India was the emirate's top destination for re-exports with a value of Dh32.8 billion, followed by Iran at Dh20.3 billion and Iraq at Dh8.9 billion.
The re-export trade grew from Dh100.6 billion in 2007 to Dh128.6 billion in 2008, figures released by Dubai World's Statistics Department showed yesterday.
Two days ago Dubai Chamber released export figures, that jumped 42 per cent.
Dubai's imports shot up 48 per cent from Dh297.7 billion in 2007 to Dhs441.4 billion last year.
The volume of total non-oil foreign trade grew to Dh934.7 billion from Dh678.5 billion.
The growth in Dubai's international trade comes against the backdrop of declining cargo volumes at ports around the world as manufacturing and consumption have been hit by the worsening economic conditions. Dubai World's ports company DP World, which has 48 container terminals in 31 countries, said this week that container volumes are sliding because of the global slowdown.
It said the slowing macroeconomic environment in the second half of the year affected volumes at "many of our terminals".
"Even during times of global economic fluctuations, Dubai has stayed on course of positive growth. A close study of the trade trend over the past 10 years shows that this pattern will continue in the coming years and Dubai will remain the leading trading hub in the region," Saeed Al Qaizi, director of procurement, contracts and statistics at Dubai World, said in a statement yesterday.
In a report on the UAE economy, Standard Chartered Bank economist Mary Nicola noted recently that re-exports comprised of 44 per cent of Dubai's gross domestic product in 2007.
Now with the world economy in recession, global trade is slowing, this could have implications for Dubai's foreign trade.
China was the top exporter to Dubai at Dh57 billion. India ranked second at Dh48 billion, followed by the US at Dh34.5 billion.
Among Dubai's top export destinations, India ranked number one at Dh17.3 billion, followed by Switzerland at Dh2.7 billion.
Foreign trade through Dubai's free zones increased by 29 per cent in 2008, rising to Dh307 billion.
Imports went up by 33 per cent, from Dh141.6 billion to Dh187.8 billion, whereas exports rose by 24 per cent from Dh96.1 billion to Dhs119.1 billion.
China ranked first in the emirate's imports through free zones, with the value of trade at Dh37.2 billion, the US second at Dh16.2 billion and Japan third at Dh15.2 billion. Iran was the main export destination from the free zone with a trade value of Dh18.6 billion, followed by Saudi Arabia at Dh12.8 billion and India at Dh12 billion.
