Dubai’s trade accelerated to Dh663 billion in 2007
Trade of Dubai and its free zones with the rest of the world accelerated to Dh663 billion in 2007 or by 30% from Dh510 billion in 2006. It was an impressive gain from a growth of 11% in 2006 and pulled up the 2-year average growth to 21%. India and China dominating the market with a combined share of nearly a quarter (23%) of Dubai's total trade in 2007.
Although India had been the largest partner, a slump in total trade was registered in 2006, then surging again in 2007. Trade with China had followed an increasing pattern throughout the period. Except for trade with UK which had been relatively stationary, trade with all the other partners were also on increasing trend, though the rates had been much slower. The 2-year annual average growth of trade were less than 1% for Iran (0.9%), Germany (0.8%), Switzerland (0.7%), Saudi Arabia (0.6%) and South Korea (0.4%).
Dubai's total trade with these 5 countries grew at 51% in 2007 and contributed 16% to growth of total trade during the year. Trade with these countries accounted for about 50% of the average annual growth during the 2-year period.
Largest contributors to declines in total trade during the 2-year period was Finland, with direct imports of Dubai and imports of the free zones all registering double-digit rates of decline. In 2006, Dubai's total trade with the country dropped by 47%, continuing to drop by 24% in 2007.
The above statistics suggest the weakening of Dubai's trade with its large European markets and the growing attractiveness of India, China, USA, Japan and Australia as import markets.
