Dubai's non-oil trade in H1 2008 soars by 54.3% to Dhs296.6bn

According to the report, Dubai's direct foreign trade recorded a massive first-half jump by Dhs104.4bn (around $28.4bn), to reach Dhs296.6bn (around $80.8bn), compared to Dhs192.2bn ($52.3bn) achieved last year during the same period.

Mr. Saeed Al Qaizi, Director of Procurement, Contracts and Statistics, Dubai World, said:

"This growth reflects the position Dubai now enjoys in global trade. Excellent development of infrastructure and reinforcement of its competitive potentials have helped Dubai to become an attractive economic hub for investments in diverse areas. This is clearly reflected in the Statistics Department report, which has been prepared from carefully documented data of the trading activity in the emirate."

Nassim Al Mehairi, Acting Manager, Statistics Department, Dubai World said:

"Dubai's overall imports during January-June, 2008 rose from Dhs135.1bn to Dhs206.2bn, which amounts to a growth rate of 52.7%."

Dubai's exports also recorded phenomenal growth, rising by Dhs7.5bn in the first half of 2008 to reach Dhs20.1bn - a growth rate of 59.1%. Re-exports registered a similar remarkable 57.7% growth to reach Dhs70.3bn, compared to the 2007 figure of Dhs44.5bn.

India topped the list of Dubai's main trading partners during the period in import, export and re-export sectors. In imports the bilateral trade volume during the period grew by 49.6%, reaching Dhs24.1bn against Dhs16.1bn in the first half of 2007.

China moved from first to second place, showing a growth by Dhs23.8bn, compared to Dhs18.3bn during the first period of 2007 - a growth rate of 29.9%. The United States of America maintained its third place with Dhs16.4bn worth of imports during H1, 2008, against Dhs9.2bn in 2007, showing a growth rate of 76.4%, the report said.

India also topped among trading partners in exports at Dhs8.3bn during the first six months of this year - a growth rate of 44.4% compared to the first six months of 2007 (Dhs5.7bn), the report noted.

Switzerland came second in the first half of 2008, jumping from the 56th place in H1 of 2007. Dubai's bilateral trade with Switzerland grew by 6039.6% from Dhs24.7m to Dhs1.5bn. The Jebel Ali Free Zone also jumped from the 16th place to the 3rd place, with exports reaching Dhs800m, compared to around Dhs100m in 2007 first half.

In re-export trading during first half of 2008, India again came on top of the list after coming second during the first half of 2007, recording a growth rate of 176.3%, compared to the same period of the current year, rising from Dhs7.9bn to Dhs21.9bn. Iran moved to second place despite recording a growth rate of 25.9%, with the re-exports increasing from Dhs8bn to Dhs10.2bn, while Switzerland came third at a growth rate of 108.2%, rising from Dhs2.3bn to Dhs4.8bn.