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Dubai: Dubai's total non-oil foreign trade, including direct, free zone and customs warehouse, grew by 29.6 per cent in 2007, according statistics compiled by Dubai World's Statistics Department.
The statistics based on statements by Dubai Customs in 2007 show that non-oil foreign trade increased by Dh155 billion. It reached Dh678.5 billion in 2007, compared to about Dh523.5 billion in 2006.
The report shows that while the direct exports in 2007 registered an increase of 48 per cent year on year, direct imports rose by 35 per cent.
"2007 has been a phenomenal year for Dubai. It is particularly encouraging to see Dubai's exports growing faster than imports. The fact is that emerging economies in the region stepped up their imports from Dubai further strengthens the emirate's status as a regional economic hub," Sultan Ahmad Bin Sulayem, chairman, Dubai World said.
The total non-oil foreign trade volume (excluding free zones and customs warehouses) reached Dh425.4 billion in 2007, compared with Dh316.44 billion in 2006, showing a growth rate of 34 per cent.
Free zones achieved trade worth Dh237.8 billion last year, compared to Dh193.7 billion in 2006. In the customs warehouses, trade value reached Dh15.3 billion in 2007, compared to Dh13.4 billion in 2006.
"Finalising the annual statistics for Dubai's foreign trade within just 16 days of the year-end is a record for the Middle East. This is of great significance because decision makers, departments and institutions build their feasibility studies based on this data," said Nassim Al Muhairi, acting department head, statistics department, Dubai World.
Imports into Dubai grew by Dh77.8 billion in 2007 to reach Dh297.7 billion, compared to around Dh220 billion in 2006 - a growth rate of 35 per cent.
Interestingly, 47 per cent of common consumer items in Dubai were imported from only five countries, with 14 per cent coming from China and 12 per cent from India.
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