Business | Economy
UAE-China trade grows 30% a year since 2003
Trade between China and the UAE has been expanding at a rate of more than 30 per cent annually since 2003, the Chinese ambassador to the UAE said yesterday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:12 August 25, 2008
Abu Dhabi: Trade between China and the UAE has been expanding at a rate of more than 30 per cent annually since 2003, the Chinese ambassador to the UAE said yesterday.
The value of the bilateral trade touched $20.7 billion last year.
"China is the biggest exporter to the UAE. Our total exports to this country were worth $17 billion in 2007," Gao Yusheng told Gulf News by telephone. He, however, couldn't immediately provide trade figures for the current year. In 2006, trade between the UAE and China was valued around $14.4 billion.
Gao said about 70 per cent of Chinese exports to the UAE are re-exported to other markets.
Chinese businessmen use Dubai's free ports for strategic and tax advantages they provide in re-exportation of goods. From the UAE, Chinese goods are re-exported to Saudi Arabia, Iran and other Middle East countries, as well as to the countries on the African continent.
Chinese exports to the UAE comprise electronic goods, food items and heavy and light machinery.
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