India top exporter to Dubai, overtakes China
India's trade with Dubai accounted for Rs 540.75 billion (Dh 43.26 billion) in 2005, an increase of 37.94% over 2004.india Updated: Jun 17, 2006 08:43 IST
India has overtaken China as the main exporter to Dubai with a 30 per cent increase in trade in 2005, official figures reveal.
The Dubai Ports, Customs and Free Zones Corporation (PCFC) figures said that total trade increased from Rs 2692.62 billion (Dh 215.73 billion) in 2004 to Rs 3505.75 billion (Dh 280.46 billion) in 2005.
India's trade with Dubai accounted for Rs 540.75 billion (Dh 43.26 billion) in 2005, an increase of 37.94 per cent over 2004, compared to China's Rs 280.75 billion (Dh 22.46 billion), an increase of 22.39 per cent over 2004.
Increase in trade of gold is the main reason behind India's performance. Dubai is a very important worldwide player dealing with 10 per cent of the world's physical gold, Dr Eckart Woertz, programme manager for economics at the Gulf Research Centre, was quoted as saying in Emirates Today.
Dubai imported Rs 562.62 billion (Dh 45.01 billion) worth of semi-precious and precious stones and metals, including gold, and re-exported more than half, or a total of Rs 334 billion (Dh 26.72 billion).