India second top export market for Dubai
India has emerged as the second top destination for export from Dubai with 11 per cent of the emirate's total exports going to India.business Updated: Dec 21, 2007 13:36 IST
India has emerged as the second top destination for export from Dubai with 11 per cent of the emirate's total exports going to India.
A report by the Dubai Chamber of Commerce and Industry said that Dubai had increased its export diversification over the five-year period between 2002 and 2006, with Iran topping the list with a share of Dh 94.3 billion or 15.2 per cent of the total exports that reached Dh 621.4 billion.
India came in second with a share of 11 per cent or Dh 68.3 billion and the third was Saudi Arabia, which registered a 5.7 per cent share at Dh 35.4 billion.
However, India's average annual growth was much higher at 71 per cent compared to Iran's 21.3 per cent and 12 per cent for Saudi Arabia, the report said.
"Although export performance in traditional niche markets remained positive, increasingly positive performance scores in other markets are shown to be due to content diversification," the chamber said.
Dubai's exports grew an average rate of more than 28 per cent annually during the past five years, according to the latest statistics from Dubai Chamber.
Indian exports to the UAE rose 17 per cent to Dh 31.6 bn in 2005-2006, compared Dh 27 billion in 2004-2005, according to Reserve Bank of India figures. In 2003-2004, exports stood at Dh 18.8 bn. This boom has made the UAE India's second most important export destination after the United States.
From the UAE perspective, India is the sixth largest exporter to the country, after Japan, US, Germany, China and UK.