(MENAFN- Khaleej Times) Dubai's foreign trade set new record in first half as it exceeded Dh600 billion mark for the first time in its history.
The emirate's non-oil foreign trade climbed to a record Dh602 billion during the first half of 2012, reflecting a 12 per cent growth over the corresponding period last year. It recorded Dh537 billion foreign trade in first half last year.
According to latest statistics issued by Dubai Customs, the emirate's imports have shown a growth of 11.5 per cent in first half, fetching Dh357 billion compared to Dh320 billion in the same period previous year. The value of exports and re-exports hit Dh245 billion with a growth rate of 13 per cent as compared to Dh217 billion over the same period last year.
Ahmed Butti Ahmed, Executive Chairman of Ports, Custom and Free Zone Corporation, explains that these figures include non-oil direct trade, free zone trade and customs warehouses.
Ahmed Butti, who is also a Director-General of Dubai Customs, commended Dubai's foreign trade sector for breaking the barrier of Dh600 billion for first time in its history.
"This sector suffered major losses in 2009, dropping from Dh458 billion in 2008 to Dh361 billion in first half of 2009 amid the global economic crisis. The sector managed to get back on track during first halves of 2010 to 2012, registering Dh436 billion in 2010, Dh537 billion in 2011 and Dh602 billion in 2012."
Ahmed Butti further pointed out that the department is continuing to establish better regulations and customs procedures, which provide more facilities for traders, cargo companies and all customers within a more attractive investment environment. According to a statement by Dubai Customs, unwrought, worked and semi-manufactured gold topped the list of Dubai's imports reaching Dh59 billion during the first half of 2012, followed by jewellery at Dh25 billion, diamonds at Dh24 billion, telecoms equipment at Dh23 billion and automobiles at Dh15 billion.
Gold was also ranked as the top exported product from Dubai during first half of 2012, at a value of Dh42 billion, followed by diamonds at Dh8 billion, jewellery and precious metals at Dh3 billion, aluminium at Dh2 billion and non-crude oil at Dh2 billion.
In terms of re-exported products from Dubai, telecoms equipment came in first at Dh29 billion, followed by diamonds at Dh15 billion, jewellery and precious metals at Dh11 billion, oil products at Dh10 billion, and IT machinery at Dh9 billion.
According to the figures released by Dubai Customs' Department of Strategy and Corporate Excellence, India has managed to maintain its position as Dubai's top foreign trading partner with a total trading value of Dh77 billion, while China came in second with Dh53 billion, followed by the US at Dh36 billion, Switzerland at Dh32 billion and Saudi Arabia at Dh23 billion. Accordingly, Dubai's trade exchange value with these top five countries hit Dh221 billion in total, accounting for 37 per cent of Dubai's overall foreign trade during the first half of 2012.
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