Sharjah rakes in Dhs43.5bn in foreign trade revenues for 2007

The Sharjah Economic Development Department (SEDD) attributes this impressive growth to the increased revenues resulting from import and re-export activity.

Import revenues jumped 41.3% to Dhs26.7bn in 2007, up from Dhs16.8bn in 2005 and Dhs18.9bn in 2006.

Meanwhile, transit and re-export trade revenues have grown by a substantial 62.7% to reach Dhs16.6bn in 2007, up from Dhs10.2bn in 2006.

H.E Ali Bin Salem Al Mahmoud, General Manager of the Sharjah Economic Development Department, said: "This unprecedented growth in foreign trade reflects the dynamic development policy adopted by the emirate and the effective controls implemented by government departments, cultivating a favorable climate for trade growth, which is vital aspect of our overall economic development.

"This record growth is an embodiment of the increasingly prominent role played by Sharjah in the region and beyond. Revenues from trade with other GCC countries have grown by 84.6%, from Dhs2.6bn in 2006 to Dhs4.8bn in 2007."

Al Mahmoud attributed these record growth figures to the 83.3% increase of revenues from re-export and transient trade, from Dhs2.4bn in 2006 to Dhs4.4bn in 2007.

He stated that the current growth resulted in a trade surplus of Dhs 4.1bn in the GCC in 2007, while trade exchange with other Arab countries has grown from Dhs3bn in 2006 to Dhs3.7bn in 2007, amounting to total growth of 23.3% and a trade surplus of Dhs3.1bn in the greater Arab region in 2007.

India has proved to be the emirate's major trade partner with revenue of Dhs7.3bn over the last year, followed by Japan and China with Dhs3.5 and Dhs2.3, respectively.

Sharjah's major trade partner in re-export trade in 2007 was Iran, with Dhs3.6bn, followed by Iraq with Dhs2.1bn, and the KSA, Kuwait, Bahrain and Oman.

Goods re-exported to the KSA were valued at Dhs1.2bn, to Kuwait at Dhs751m, to Bahrain at Dhs719m and to Oman at Dhs686m.