Non-oil foreign trade in Dubai up by 46 per cent

Dubai: Dubai's non-oil foreign trade (including free zones and customs warehouses), jumped 46 per cent in the first quarter of 2008 to Dh214 billion (about $58.3 billion), against Dh146.5 billion ($39.9 billion) in the same period of 2007.

During the period under review, Dubai's exports recorded phenomenal growth, soaring 79 per cent, while re-exports went up 73.5 per cent and imports grew 49.7 per cent.

The latest statistics, compiled by Dubai World's Statistics Department, show that Dubai's direct non-oil foreign trade, excluding free zones and customs warehouses, amounted to Dh143.8 billion (about $39.2 billion) during the first quarter of 2008, against Dh91.53 billion (about $24.9 billion) for the same period in 2007, an increase of Dh52.3 billion (about $14.2 billion).

Sultan Ahmad Bin Sulayem, chairman of Dubai World, said: "The figures released by the Dubai World Statistics Department underscore the buoyant commercial growth of the emirate, reinforcing Dubai's reputation as a major commercial hub. The growth is fuelled by the government's relentless efforts to upgrade the existing modern infrastructure of ports, airports and land transportation network, connecting Dubai to the world.

Oil impact

"The growth of Dubai's non-oil economy also comes as a result of the noticeable rise in the international oil prices, which led to a corresponding increase in government revenues and the consequent public spending on development projects.

The unprecedented construction boom and the tourist and commercial development are also factors which largely contributed to this growth."

Nassim Al Muhairi, Acting Department Head, Statistics Department, Dubai World, expects that the robust growth in Dubai's direct non-oil foreign trade will continue in the three remaining quarters of the current year.

"The statistics, released by the Dubai World Statistics Department, show a 49.7 per cent increase in Dubai's imports, from Dh64.22 billion in 2007 to Dh96.12 billion in the first quarter of 2008. Re-exports grew to Dh37.28 billion against Dh21.49 billion.

Concurrently, Dubai's exports to various countries showed remarkable prog-ress, rising 79 per cent in the first three months of 2008 to Dh10.43 billion, compared to Dh5.83 billion in the same period of 2007, Al Muhairi said.

India topped the list of Dubai's direct import sources in the first quarter of 2008 with a share of 13.14 per cent worth Dh12.6 billion. China came second with Dh10.7 billion, followed by Switzerland with Dh7.2 billion.

India, China and Switzerland together accounted for 31.8 per cent (Dh30.5 billion) of Dubai's imports, while imports from other countries accounted for 68.2 per cent (Dh65.6 billion).

As for Dubai's exports, India again topped the list with 45.7 per cent worth Dh4.7 billion during the first quarter.

India maintained its position as the largest re-export destination with 31.8 per cent (Dh11.9 billion).

Iran came second with re-exports hitting 14 per cent (Dh5.2 billion), followed by Switzerland with 9 per cent (Dh3.3 billion).