Business | Economy
Dubai's non-oil exports rise 43% to Dh168b
Non-oil exports of Dubai increased a record 43 per cent to Dh167.9 billion last year, giving a boost to the emirate's ongoing economic diversification efforts, according to official statistics yesterday.
- By Shakir Husain, Staff Reporter
- Published: 00:06 January 24, 2008
- Iran is the number one destination for goods, with a trade value of Dh35.9b, followed by Saudi Arabia at Dh31b.
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Dubai: Non-oil exports of Dubai increased a record 43 per cent to Dh167.9 billion last year, giving a boost to the emirate's ongoing economic diversification efforts, according to official statistics yesterday.
Iran was the number one destination with the value of exports being Dh35.9 billion, followed by Saudi Arabia at Dh31 billion.
More than three-fourth of the emirate's exports went to Gulf Cooperation Council (GCC) countries and Iran, the Dubai Chamber of Commerce and Industry said.
The value of Dubai's exports and re-exports was based on the number of certificates of origin issued by the chamber's commercial services department. It issued 559,652 certificates of origin in 2007 compared with 442,287 in 2006.
The chamber has 100,000 members and a significant number of them are engaged in the export and re-export trade.
"This rise reflects Dubai Chamber's efforts in facilitating exporting procedures for members and stakeholders besides stressing on the leading role it plays in serving the business community," Chairman Obaid Humaid Al Tayer said in a statement.
Exports to Qatar jumped 81.1 per cent to Dh28 billion at the end of 2007. India imported 81 per cent more goods from Dubai last year compared with the 2006. Exports to Kuwait grew about 20 per cent and the increase to Oman was about 45 per cent. The chamber statement did not provide the value of exports for the three countries.
Dubai's own manufacturing sector is limited but it is a huge re-export and trading hub for both consumer and industrial goods. "After the erratic pattern in 2004 and sluggish growth in 2005, exports appeared to gather momentum beginning in 2006 but reached an all-time high in the year 2007.
Iran and Saudi Arabia emerged as the major destinations of exports," the chamber said.
Iran's position as the top importer of goods from Dubai is significant as the US stepped up its campaign against Iran's economic interests amid tensions over Tehran's nuclear power programme.
Most banks in the UAE have stopped issuing letters of credit to Iranian companies because of fears of US sanctions. This has forced Iranians to use cash for sourcing goods and services from abroad.
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