By Aaron Greenwood
Iran has been confirmed as the number one destination for goods flowing through Dubai’s thriving re-export market.
Iran has emerged as the number one destination for goods flowing through Dubai’s thriving re-export market.
The country accounted for almost 25% of all re-exported consumer electronics goods in 2004, according to a new report published by the Dubai Chamber of Commerce and Industry (DCCI).
The value of these re-exports topped US$1.3 billion, compared to total trade in the sector, which was valued at US$5.88 billion.
Iranian trade was more than double that of Dubai’s second largest re-export market, Saudi Arabia, which accounted for US$517 million worth of consumer electronics goods. Kuwait, Qatar and the UAE itself rounded out the top five markets for re-exported goods.
The vast majority of consumer electronics products re-exported to the country via Dubai were manufactured in Asia.
The DCCI attributed Dubai’s booming re-export market to the increasing number of free trade zones that have been established within the Emirate over the past decade.
Asian CE vendors have flocked to take advantage of the tax-free incentives provided by these free zones.
Meanwhile, Dubai’s domestic consumer electronics market continues to boom.
The DCCI reported that in 2005, the Emirate’s domestic consumer electronics market was valued at US$2.2 billion.