Dubai exports to Iran plummet

Dubai exports declined slightly during the third quarter compared to the previous quarter as exports to Iran plummeted 15.4 percent, the Dubai Chamber of Commerce and Industry said on Tuesday.

The Dubai Chamber said the value of exports and re-exports to Iran fell to 11.8 billion dirhams ($3.2 billion) in Q3 from 14 billion dirhams in Q2, dragging down Dubai’s total exports 1.7 percent to 56.6 billion dirhams for the quarter.

Iran accounted for almost 25 percent of Dubai exports in Q2, according to Dubai Chamber figures. This declined to around 20 percent in Q3.

The Dubai Chamber said Saudi Arabia overtook Iran to become Dubai's largest export/re-export destination. During the quarter, total value of export/re-export to Saudi Arabia was 12.3 billion dirhams, or 21.7 percent of the total export.

The UAE is Iran's top trading partner and there are an estimated 450,000 Iranians living in the emirates. About 10,000 Iranian firms operate in the country, chiefly Dubai, according to Iranian figures.

Iran's statistics put bilateral trade at $11.7 billion dollars in the Iranian year which ended in March 2007, with imports from the UAE forming the bulk of the exchanges at $9.2 billion.

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