Dubai direct trade reaches Dhs289 billion

Dubai trade with the world maintained high rates of growth during the first five months of the current year as the total direct trade exchange reached over Dhs289 billion with an increase rate of 27 per cent as compared to the same period of 2010 where value of trade exchanges were worth Dhs228 billion.Statistics issued by Dubai Customs on the first five months of 2011 shows growth in all sectors of direct trade between Dubai and the rest of the world which included exports, imports and re-exports.Likewise, Free Zones trade scored a boost by 25 per cent of over Dhs160 billion as opposed to Dhs128 billion in the same period last year. In addition, the Customs Warehouse business attained record growth by 58 per cent approximate to Dhs1.9 billion as compared to the 1.2 billion scored last year.Thus, the total of Dubai trade rates, which include direct trade, free zones and customs warehouses, jumped into Dhs452 billion compared to the Dhs358 billion with a growth rate of 26 per cent .Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Dubai Customs Director General stated that the increasing growth witnessed in Dubai trade with the world reinstates the strength and firmness of the UAE’s economy. “this is attributed to the economic diversity Dubai enjoys as well as the remarkable status it takes being a key business hub.Dubai direct trade with the world during the first five months of this year scored record rates if we look back at the same periods of the past five years. This reflects that Dubai has already overcome the financial crisis which stormed the international markets and still do” he said.He further noted that the statistical indicators issued for Dubai direct trade during January — May 2011 period demonstrated a major growth in the exports movement by 36 per cent amounting to Dhs36.4 billion as opposed to Dhs26.7 billion on the same period last year. As for the re-exporting sector, it grew by 33 percent reaching Dhs74.2 billion as compared to Dhs55.8 billion. Imports went up by 23 percent reaching Dhs178.8 billion compared to Dhs145.6 billion for the same period of 2010.As per the issued statistics by Dubai Customs, India gained the biggest share of Dubai direct trade with the world with a total trade exchange of over Dhs87 billion between both countries during the first five months of 2011 forming 30 percent of the total rate of Dubai trade. Ahmed Butti stressed India’s significance being the first trade partner and he believes that business movement between the two countries can achieve even more gains in the upcoming period taking into account the promising opportunities the economies of both sides have. From / Gulf Today