Emirate trades up as Dhs1 trillion bonanza revealed
Dubai's foreign trade last year topped the trillion-dirham mark for the first time.
The record tally for 2011 is an impressive 22 per cent increase on the Dhs902 billion posted by the emirate in 2010.
Ahmed Butti Ahmed, director general of Dubai Customs, said the record result of Dhs 1.1 trillion - which includes direct trade and activity in free zones and warehouses - “reflected the leverage and robust economy in the UAE in general and Dubai in particular.”
He attributed a number of vital factors to the great growth - such as the competitiveness of local markets, Dubai’s openness to global traffic and the level of services offered to the emirate’s importers.
India ranked highest in the list of countries Dubai does trade with - accounting for a tidy Dhs206 billion of the total, or 19 per cent.
China came second with Dhs100 billion and the USA third on Dhs54 billion.
Trade with GCC nations accounted for Dhs28.4 billion of the trillion-plus sum, with Saudi Arabia the Arab nation Dubai does most deals with.
Gold topped the charts of products exported from Dubai - worth some Dhs62 billion. Export of petroleum oils and oils extracted from stone metal was next, worth Dhs3 billion.