Dubai’s non-oil foreign trade with the rest of the world grew 38 per cent in 2008 to AED934.7 billion compared to AED678.5 billion in 2007. The figures released by Dubai World’s Statistics Department highlighted growth in trade by AED256.2 billion.

Commenting on the strong growth, Saeed Al Qaizi, Director of Procurement, Contracts and Statistics, Dubai World, said that Dubai’s total foreign trade has maintained its steady growth pattern in 2008, reflecting the emirate’s basic economic strength. “Even during times of global economic fluctuations, Dubai has stayed on course of positive growth. A close study of the trade trend over the past 10 years shows that this pattern will continue in the coming years and Dubai will remain the leading trading hub in the region,” he noted.

Nassim Al Mehairi, Senior Manager of Statistics Department, said: “Results show that direct trade volume surged by 44 per cent, reaching Dhs612.7 billion in 2008 compared to 2007 when it was Dhs425.4 billion. The biggest growth was marked in the exports sector, which rose by 58 per cent from Dhs27 billion in 2007 to approximately Dhs42.6 billion in 2008. This Dhs14 billion increase underlines the sound nature of the national economy.

“Imports grew by 48 per cent, rising from Dhs297.7 billion in 2007 to Dhs441.4 billion in 2008. The re-exports sector recorded growth by 28 per cent from Dhs100.6 billion in 2007 to Dhs128.6 billion in 2008,” she said.

Foreign trade through Dubai’s free zones increased by 29 percent in 2008 compared to the previous year, rising from Dhs237.7 billion to Dhs307 billion. Imports recorded 33 per cent growth, from Dhs141.6 billion to Dhs187.8 billion, whereas exports rose by 24 per cent, Dhs96.1 billion to Dhs119.1 billion.

Ms. Al Mehairi also noted that trade across customs warehouses dipped by two per cent last year compared to 2007 - from Dhs15.2 billion to Dhs14.9 billion. Imports recorded a fall of one per cent from Dhs13.9 billion to Dhs13.8 billion and exports receded by 17 per cent from Dhs1.3 billion in 2007 to approximately Dhs1 billion in 2008.

The Statistics Department’s study showed that China ranked as Dubai’s top partner in imports with respect to direct non-oil foreign trade in 2008 at Dhs57 billion, while India came second at Dhs48 billion, followed by the US at Dhs34.5 billion.

In exports, India was on top last year, at DHS17.3 billion, followed by Switzerland at Dhs2.7 billion. Exports to Jebel Ali Free Zone were at approximately Dhs2 billion. In re-exports also India maintained its first place with Dhs32.8 billion worth of trade, followed by Iran at Dhs20.3 billion and Iraq at Dhs8.9 billion.

China again ranked first in 2008 in imports through free zones, with Dhs37.2 billion trade followed by the US at Dhs16.2 billion and Japan at Dhs15.2 billion.

Iran was the main export destination in free zone with trade at Dhs18.6 billion, followed by Saudi Arabia at Dhs12.8 billion and India at Dhs12 billion.