Dubai: Foreign trade revenues in Sharjah, the UAE's third biggest emirate, last year topped Dh60.5 billion, a top government official has said.

Although Sharjah's imports of capital goods fell slightly to Dh39.7 billion last year due to the econ-omic situation, down from Dh40.4 billion in 2008, imports accounted for 65.6 per cent of trade, reflecting the resilience of the emirate's trade sector.

Although overshadowed by its famous neighbour Dubai, the industrial area in Sharjah is a major destination for industrial inputs, especially capital goods and machinery that feed into the Gulf economies.

"Despite the financial crisis, Sharjah's trade and economy remained resilient — that reflects a sustainable economy," said a Dubai-based economist.

Exports and re-exports reached Dh1.7 billion and Dh16.7 billion in 2009, together totalling 30.4 per cent of the foreign trade value. Transit accounted for 3.8 per cent of the total with Dh2.3 billion.

Imports from India top the list with Dh14.3 billion, accounting for 36 per cent of imports (Dh39.7 billion), followed by Japan with Dh5.4 billion (13.6 per cent), according to Ali Bin Salem Al Mahmoud, general manager of the Sharjah Economic Development Department (SEDD).

Al Mahmoud said foreign trade constitutes a basic foundation that not only helps grow the emirate's gross domestic product (GDP), but also improves living standards.

"Capital commodities cater to the needs of the productive and service sectors, in general, and [the] manufacturing industry, in particular," he said.

"During 2009 it contributed greatly to achieving growth in imports, and in meeting the demands of the local market."

In terms of exports, Iraq topped the list with Dh322.3 million (17.6 per cent of exports), while exports to Iran were second at Dh254.3 million (14.9 per cent). Re-exports to Iraq, meanwhile, topped Dh3.4 billion, accounting for 20.4 per cent of re-exports, while re-exports to Iran and Saudi Arabia were Dh2.9 billion (17.4 per cent) and Dh1.7 (9.8 per cent) respectively.

Transit

Transit trade to Iraq in 2009 amounted to Dh924 million, or 39.7 per cent of the transit activities, while transit trade to Afghanistan totalled Dh340 million, accounting for 14.7 per cent of the transit activities in the emirate.

Trade between Sharjah and other GCC states stood at Dh7.8 billion in 2009. This included imports worth Dh1.16 billion and exports worth Dh190.4 million.

The re-export volume accounted for 76.2 per cent of the total trade in 2009, reaching Dh5.9 billion, while transit trade came to Dh515.1 million, accounting for 6.6 per cent of the trade between Sharjah and the other GCC countries in 2009.

Property law  passed

The Sharjah Consultative Council (SCC) has passed the Property Registration Law and referred it to the Executive Council if it is unanimously approved by the members.

At its 12th session held last Thursday, the consultative council, presided over by Dr Obaid Saif Al Hajiri, chairman of the council, referred the law to the executive council for its approval.

In a speech, Al Hajiri said the responsibility of officials in charge of property registration was no less than the responsibility of lawmakers and legislators who are responsible for regulating the emirate's all sectors."

— WAM