Dubai's rice trade soars amid global credit crunch

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RICE TRADE: Import and export of rice in Dubai has soared during the first half of 2008. (Getty Images)

Rice trade in Dubai has made a huge leap in terms of value during the first six months of 2008, as the global credit crunch has forced more families to steer clear of more expensive foodstuffs.

Rice trade in the emirate saw a massive 155.3 per cent rise to $829 million during the first half of the year compared to just $324 million in the same period of last year.

Figures released by the Statistics Department of Dubai World also showed that the volume grew by 42.2 per cent over the same period to 823,000 tons, news agency WAM reported.

Analysts say the trade surge reflects the changes in the food habits among a large segment of the community as a result of the global rise in price for most food materials. Most families seem to have begun avoiding other food items classified as luxuries.

The Statistics Department figures showed that India topped the list of countries exporting rice to Dubai with a value of 1.5 billion dirhams, accounting for 67.7 per cent of the total trade in the first half of 2008.

Pakistan came second while Thailand was in third place.

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