Dubai's non-oil foreign trade rises 29.6% to Dhs 678.5bn

Statistics compiled and released by Dubai World's Statistics Department show Dubai's direct exports in 2007 registered an increase of 48% year on year, while direct imports rose by 35%.

Sultan Ahmed Bin Sulayem, Chairman, Dubai World, said: '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. It is particularly encouraging to see Dubai's exports are growing faster than 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.'

The final figures prepared by Dubai World Statistics Department on the basis of the statements by Dubai Customs in 2007 show that the total non oil foreign trade increased by Dhs155bn. It reached Dhs678.5bn in 2007, compared to about Dhs523.5bn in 2006.

Nassim Al Mehairi, Acting Department Head -Statistics Department, Dubai World, said: 'Finalizing the annual statistics for Dubai's foreign trade within just 16 days of the year-end is a record for the Middle East. This is of great significance because decision makers, departments and institutions build their feasibility studies based on the data we have compiled.'

The total non-oil foreign trade volume (excluding the free zones and customs warehouses) reached Dhs425.4bn in 2007, compared to Dhs316.44bn in 2006, showing a growth rate of 34%. The free zones recorded trade worth Dhs237.8bn last year, compared to Dhs193.7bn in 2006. In the customs warehouses, the trade value reached Dhs15.3bn through 2007, compared to Dhs13.4bn in 2006.

Imports and exports

Imports into Dubai grew by Dhs77.8bn in 2007 to reach Dhs297.7bn, compared to around Dhs220bn in 2006 - a growth rate of 35%. Even more interestingly, 47% of common consumer items in Dubai were imported from only five countries, with 14% coming from China and 12% from India.

Dubai's exports grew by 48% to reach Dhs27bn, compared to Dhs18.3bn in 2006.

India was the single largest importer of products from Dubai, accounting for 43% of total exports.

Re-exports also registered a remarkable 28.7% growth in 2007, to reach Dhs101bn compared to Dhs78bn in 2006.

India and Iran were the biggest trading partners, accounting for 22% and 17% of re-exports respectively.

Al Mehairi, said: 'The main reasons behind this healthy growth is increasing demand for commodities and services in Dubai and other emirates due to the rapid growth in the population, fuelled largely by increases in the size of the expatriate workforce; capital spending on real estate and infrastructure schemes which also fuelled demand for all commodities ranging from durable goods to consumer goods; and finally, the increased level of liquidity in Dubai and in the UAE which means more money was available to finance imports.'