Dubai foreign trade jumps 22% in 2011

The non-oil foreign trade of Dubai has achieved a record growth in 2011 reaching over Dhs1.1 trillion for the first time in history. It has increased from Dhs902 achieved in 2010, which is a margin of 22 per cent, said the Director General of Dubai Customs (DC), Ahmed Butti Ahmed in a press conference. India has ranked number one of countries trading with Dubai followed by China as the Emirate’s non-oil foreign trade hits Dhs1.1 trillion. Ahmed Butti Ahmed said the Dubai Customs commands between 75 to 80 per cent of the country’s customs trade figures. Butti attributed the growth to factors such as ‘high competitiveness in local market, the openness to markets world-wide; growth in purchasing power and to the higher quality of national products.” India’s trade with Dubai accounted for Dhs206 billion, representing 19 per cent of overall. The imports from India reached Dhs102 billion while exports amounted to Dhs36, and re-exports were worth Dhs69 billion, revealed Butti in a press conference held at the Dubai Customs headquarters near Al Shandagah on Wednesday. China came second with imports amounting to Dhs100 billion, followed by the United States (US) with Dhs54 billion; Japan with Dhs28 billion and Germany with Dhs26 billion. “Generally all the figures between countries rose,” said Butti who is also the Executive Chairman of Ports, Customs and Free Zones Corporation. He pointed out that there are a number of factors that contributed in achieving this growth; most importantly the high competitiveness in local market, the openness to markets world-wide, the growth in purchasing power, in addition to the distinctive higher quality of national products and the ascending level of services offered to importers, which played a significant role in increasing the volume of exports and finding other new markets. Trade with the Gulf Cooperation Council (GCC) grew by 28 per cent, that is from Dhs22.2 as of 2010 to Dhs28.4 billion, with Saudi Arabia accounting for the largest share. Saudi Arabia is at the top of the list of member states in the intra-trade movement between Dubai and GCC countries. It possessed 34 per cent amounting Dhs9.6 billion. It was followed by Kuwait at Dhs8 billion, then Sultanate of Oman amounted to Dhs4.6 billion, Qatar with nearly Dhs3.3 billion and Bahrain with Dhs3 billion. The Dubai Customs chief said the imports increased by 21 per cent from Dhs364 billion to Dhs442 billion; the exports jumped by 44 per cent that is from Dhs68 billion to Dhs98 billion.