India-Dubai trade records 74 percent riseJune 2nd, 2008 - 7:22 pm ICT by IANS
By Aroonim Bhuyan
Dubai, June 2 (IANS) Non-oil trade between India and the emirate of Dubai touched a record $19 billion in 2007, a rise of 74 percent from $10.9 billion of the previous year. “India is now the top export and re-export destination for Dubai and the second largest source of imports,” India’s Consul General in Dubai Venu Rajamony told reporters Monday, quoting figures released by Dubai Customs.
“India-Dubai trade accounted for 80 percent of the total trade between India and the United Arab Emirates (UAE),” he said.
Imports from India to Dubai increased by 55 percent from $6.4 billion in 2006 to $9.9 billion in 2007. Exports from Dubai to India increased 113 percent from $1.5 billion in 2006 to $3.2 billion in 2007.
Re-exports from Dubai to India increased by 97 percent from $3 billion in 2006 to $5.9 billion in 2007.
“The fact that re-exports from Dubai was almost double of its exports reflects the significance of Dubai as transshipment point for Indian trade,” Rajamony said.
“All other Gulf nations as well as African countries use the Jebel Ali port near here in a major way to export their goods to India,” he added.
Located in south of the main city of Dubai, Jebel Ali is the world’s largest man-made harbour and the biggest port in the Middle East.
According to Dubai Customs data, the top three commodities imported from India to Dubai were: precious and semi-precious stones and precious metals; cereals and copper and items made of this metal.
Of the total imports of $9.9 billion, the top three commodities accounted for $6.6 billion.
In 2007, imports from India to Dubai was the second largest after China, and the percentage of India’s share in the imports of Dubai went up from 10.6 percent in 2006 to 12.2 percent.
The top three commodities exported from Dubai to India were: precious and semi-precious stones and precious metals; steel; and aluminium and items made of aluminium.
Exports of these three items accounted for $3 billion of the total exports of $3.2 billion from Dubai to India were made of the aforementioned top three commodities.
“India’s share in the exports from Dubai increased from 30 percent to 42 percent over one year,” the consul general said.
The top three commodities re-exported from Dubai to India were: precious and semi-precious stones and precious metals; boilers, machineries and parts thereof; and edible fruits and nuts.
Re-exports of these three commodities alone totalled $5.7 billion.
India became the largest re-export destination of Dubai in 2007, beating Iran to second position.
The percentage share of India in re-exports from Dubai went up from 13.9 percent in 2006 to 21.6 percent in 2007.
Rajamony said total trade between Dubai and India rose by a whopping 443 percent in the last five years.
“Imports into Dubai from India rose from $2.6 billion in 2003 to $9.9 billion in 2007, which is an increase of 281 percent. Exports from Dubai to India increased from $0.1 billion to $3.9 billion, which is an increase of 3,100 percent in the last five years. Re-exports from Dubai to India increased over five years from $0.8 billion to $5.9 billion, which is an increase of 63 percent,” he said.
Meanwhile, figures released by Sharjah Customs showed that total non-oil trade between India and the UAE emirate of Sharjah in 2007 was estimated at $2.1 billion, an increase of 10.5 percent from $1.9 billion in 2006.
Imports into Sharjah from India in 2007 stood at $1.8 billion, a rise of 5.9 percent from the previous year.
Exports, including re-exports from Sharjah to India, totaled $0.3 billion in 2007, a rise of 50 percent from 2006.
Rajamony said India has the largest presence among foreign countries in terms of the companies registered with Dubai Chamber of Commerce and Industry.
The number of Indian companies registered is 12,359 out of about 101,000 companies registered as of February this year.
“A total of 6,154 Indian companies are registered with the Sharjah chamber, which is 18 percent of the total of 33,103 companies registered,” he said.
The Jebel Ali Free Zone Authority has 575 Indian companies, Ras Al Khaimah Free Trade Zone 681, Ras Al Khaimah Investment Authority 300 and Ras Al Khaimah Chamber of Commerce 1,227 as of May 2008.
Around 60 percent of the companies in the Fujairah Free Trade Zone are from India, the consul general added.
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