India tops Dubai's import destinations
Wednesday, 28 May 2008, 05:34 Hrs
Dubai: India has topped the list of Dubai's direct import destinations ahead of China in the first quarter of 2008, WAM news agency reported Tuesday. According to the latest figures, released by Dubai World, India shared 13.14 percent of the emirate's total imports worth 12.6 billion United Arab Emirates dirhams ($3.43 billion) in the first quarter of the year. China came second with 10.7 billion dirhams ($2.91 billion), followed by Switzerland with 7.2 billion dirhams. As for Dubai's exports, India again topped the list with 45.7 percent of the total exports worth 4.7 billion dirhams ($1.28 billion) during the first quarter of 2008, followed by Switzerland with 13.5 percent, or 1.4 billion dirhams of direct exports. India maintained its position as the largest re-export destination with 31.8 percent, or 11.9 billion dirhams, out of total re-exports in the first quarter of 2008. Iran came second with total re-export trading hitting 14 percent (5.2 billion dirhams) of total re-exports, followed by Switzerland with 9 percent or 3.3 billion dirhams. The data also showed that Dubai's direct non-oil foreign trade, excluding free zones and customs warehouses, amounted to 143.8 billion dirhams (around $39.2 billion) during this period, against 91.53 billion dirhams (around $24.9 billion) for the corresponding period in 2007, showing an increase of 52.3 billion dirhams (around $14.2 billion). Commenting on the figures, Sultan Ahmed Bin Sulayem, chairman of Dubai World, said: "The figures released by Dubai World statistics department, underscore the buoyant commercial growth of the emirate, reinforcing Dubai's reputation as a major commercial hub." "The growth is fuelled by the government's relentless efforts to upgrade the existing modern infrastructure of ports, airports and land transportation network, connecting Dubai to the world," he said, and added, "The growth of Dubai's non-oil economy also comes as a result of the noticeable rise in the international oil prices, which led to a corresponding increase in government income and the public spending on developmental projects." "The unprecedented construction boom and the tourist and commercial development are also factors which largely contributed to this growth," he noted.