Dubai's non-oil trade rises by 54%

TRADE FIGURES: Dubai's non-oil direct trade has rocketed during the first half of 2008. (Getty Images)

Dubai's non-oil direct foreign trade jumped by 54.3 per cent during the first half of 2008 compared to the same period in 2007, according to latest figures.

A report by Dubai World's Statistics Department reveals Dubai's direct foreign trade recorded a massive first-half jump by $28.4 billion, to reach $80.8 billion.

Saeed Al Qaizi, director of Procurement, Contracts and Statistics, Dubai World, told new agency WAM: "This growth reflects the position Dubai now enjoys in global trade. Excellent development of infrastructure and reinforcement of its competitive potentials have helped Dubai to become an attractive economic hub for investments in diverse areas."

India topped the list of Dubai's main trading partners during the period in import, export and re-export sectors. In imports the bilateral trade volume during the period grew by 49.6 per cent, reaching $6.5 billion.

China slipped to second place, showing a growth of 29.9 per cent while the US maintained its third place during the first half of 2008, the report said.

India also topped the list of trading partners in exports at $2.2 billion during the first six months of this year - a growth rate of 44.4 per cent compared to the first six months of 2007.

Switzerland came second in the first half of 2008, jumping from the 56th place in the first half of 2007. Dubai's bilateral trade with Switzerland grew by 6,000 per cent to $408 million. The Jebel Ali Free Zone also jumped from 16th place to third place, with exports reaching $217 million.

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