India key export market for Dubai in 2007
According to official figures, the country's position in Dubai's foreign trade emerged stronger in 2007 with the country supplying 12 per cent of the Emirate's total imports.business Updated: Jan 27, 2008 15:40 IST
India's position in Dubai's foreign trade emerged stronger in 2007 with the country supplying 12 per cent of the Emirate's total imports, official figures said.
India was also the single largest importer of products from Dubai, accounting for 43 per cent of its total exports.
Dubai's total non-oil foreign trade, including direct, free zone and customs warehouse, grew by 29.6 per cent in 2007, defying a grim warning by the World Trade Organization (WTO) of a slower global economic growth during the period.
The total non-oil foreign trade in 2007 increased by Dhs155 billion (Rs 1,550 billion). It reached Dhs678 billion (Rs 6,785 billion) from about Dhs523.5 billion in 2006, statistics compiled by Dubai World's Statistics Department showed.
Dubai's direct exports in 2007 registered an increase of 48 per cent year on year, while direct imports rose by 35 per cent.
"The year 2007 has been a phenomenal year for Dubai. The figures released by Dubai World Statistics Department only confirm the emirate's ability to sustain rapid economic growth despite the worries at global levels," Sultan Ahmed Bin Sulayem, Chairman, Dubai World, said.
It is particularly encouraging to see Dubai's exports growing faster than its imports. The fact is that emerging economies in the region stepped up their imports from Dubai further strengthens the emirate's status as a regional economic hub, he said.
The total non-oil foreign trade volume (excluding the free zones and customs warehouses) reached Dhs425.4 billion in 2007, compared to Dhs316.44 billion in 2006, showing a growth rate of 34 per cent. The free zones recorded trade worth Dhs237.8 billion last year, compared to Dhs193.7bn in 2006.
Last week, Dubai reported a whopping 81.3 per cent increase in exports of non-oil products to India in 2007. Dubai's total non-oil exports in 2007 grew by 43 per cent with exports of Rs 1,802 billion compared to 1,260 billion in 2006, a growth of 43 per cent, official figures said.
"Exports to India soared to 59.93 billion in 2007 compared to 33 billion in 2006, an increase of 81 per cent," said Dubai Chamber of Commerce and Industry yesterday while releasing a list of value of exports of non-oil products by its members for the year 2006 and 2007.