September 07, 2008

India remains key export market for Dubai in 2007

ET reported that India's position in Dubai's foreign trade emerged stronger in 2007 with supplying 12% of the Emirate's total imports. India is also the single largest importer of products from Dubai, accounting for 43% of its total exports.

Exports to India soared to AED 59.93 billion in 2007 up by 81% YoY as compared to AED 33 billion in 2006. Last week, Dubai reported a whopping 81.3% increase in exports of non oil products to India in 2007. Dubai's total non oil exports in 2007 grew up by 43% YoY.

Dubai's total non oil foreign trade, including direct, free zone and customs warehouse, grew up by 29.6% in 2007, defying a grim warning by the World Trade Organization of a slower global economic growth during the period. The total non oil foreign trade in 2007 increased by AED 155 billion to reached AED 678 billion. Dubai's direct exports in 2007 registered an increase of 48% YoY, while direct imports rose by 35% YoY.

Mr Sultan Ahmed Bin Sulayem chairman of Dubai World said that "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." He added that 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.