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Dubai’s trading patterns
Trade of Dubai and its free zones with the rest of the world accelerated to AED 663 bn in 2007 or by 30% from AED 510 bn a year earlier. It was an impressive gain from a growth of 11% in 2006, and pulled up the two-year average growth to 21%. India and China dominate the market share with a combined share of nearly a quarter (23%) of Dubai’s total trade in 2007. The other 8 largest trading partners had combined share of 31%. Growth patterns, however, differed by partner. Although India had been the largest partner, a slump in total trade was registered in 2006, then surging again in 2007. On the other hand, trade with China had followed an increasing pattern throughout the period. Except for trade with UK which had been relatively stationary, trade with all the other partners were also on increasing trend, though the rates had been much slower. The 2-year annual average growth of trade were less than 1% for Iran (0.9%), Germany (0.8%), Switzerland (0.7%), Saudi Arabia (0.6%), and South Korea (0.4%). Exports to USA and Japan had actually been slowing down. However, imports of Dubai and the free zones had been surging; thus, making the contributions to growths of trade with these two countries significant. Imports from Australia had been growing at phenomenal rates and had been mainly responsible for the highly positive contribution of trade with the country to the growth in total trade of Dubai. In addition, exports and re-exports to the country were also increasing, though at much lower rates than imports. Together, Dubai’s total trade with these five countries grew at 51% in 2007 and contributed 16% to growth of total trade during the year. Trade with these countries accounted for about 50% of the average annual growth during the two-year period. UK has been one of the largest suppliers of imports of Dubai. However, during the last three years, imports from UK had been relatively stationary, with some very slightly declines. Thus, despite the growth in exports, total trade with UK had actually slowed down, contributing negatively to growth. The above suggests the weakening of Dubai’s trade with its large European markets, and the growing attractiveness of India, China, USA, Japan and Australia as import markets.|
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