India emerges as Dubai's second biggest trade partner
- IBEF
- September 28, 2021
According to official figures issued on Sunday, India has overtaken China as Dubai's second largest trading partner, with a total volume of 38.5 billion dirham (Rs. 773.85 billion, US$ 10.40 billion) in the first half of 2021.
According to a Dubai government release, the emirate's trade volume with China in H1 (first half) of 2021 was 86.7 billion dirham (Rs. 1,742.67 billion, US$ 23.41 billion), followed by India and the United States.
From 38.5 billion dirham (Rs. 773.85 billion, US$ 10.40 billion) in H1 2020 to 67.1 billion dirham (Rs. 1,348.71 billion, US$ 18.12 billion) in H1 2020, trade with India increased by 74.5% year on year. In the first half of 2020, China recorded 30.7% year on year, with overall trade with Dubai totaling 66.3 billion dirham (Rs. 1,332.63 billion, US$ 17.90 billion).
In the first half of 2021, the United States traded 32 billion dirham (Rs. 643.20 billion, US$ 8.64 billion) with Dubai, up 1% from 31.7 billion dirham (Rs. 637.17 billion, US$ 8.56 billion) the previous year. Saudi Arabia finished in fourth place with 30.5 billion dirham (Rs. 613.05 billion, US$ 8.24 billion), up 26% from H1 2020, while Switzerland followed up with 24.8 billion dirham (Rs. 498.48 billion, US$ 6.70 billion).
In H1 2021, the five largest trading partners had a combined share of 241.21 billion dirham (Rs. 4,848.32 billion, US$ 65.13 billion), up 30.34% from 185.06 billion dirham (Rs. 3,719.71 billion, US$ 49.97 billion) in H1 2020.
Gold was the most valuable commodity in Dubai's foreign trade in the first half, accounting for 138.8 billion dirham (Rs. 2,789.88 billion, US$ 37.48 billion) (19.2% of total trade), followed by telecommunications at 94 billion dirham (Rs. 1,889.40 billion, US$ 25.38 billion) (13%).
Diamonds were third on the list, accounting for 57.3 billion dirham (Rs. 1,151.73 billion, US$ 15.47 billion) (8%), followed by jewelry (34.1 billion dirham (Rs. 685.41 billion, US$ 9.21 billion) (4.7%), and vehicle trade (28 billion dirham) (Rs. 562.80 billion, US$ 7.56 billion) (4%). Dubai's non-oil foreign trade increased by 31% in the first half of 2021, from 550.6 billion dirham (Rs. 11,067.06 billion, US$ 148.66 billion) in the same time in 2020 to 722.3 billion dirham (Rs. 14,518.23 billion, US$ 195.02 billion) in the first half of 2021.
Exports increased 45% year on year in H1 2021, to 109.8 billion dirham (Rs. 2,206.98 billion, US$ 29.65 billion) from 75.8 billion dirham (Rs. 1,523.58 billion, US$ 20.47 billion), supporting the 10 x 10 program's (one of the nation's 'Projects of the 50' projects) aim of increasing the UAE's exports to 10 worldwide markets by 10% yearly.
Imports increased by 29.3% year on year to 414 billion dirham (Rs. 8,321.40 billion, US$ 111.78 billion), up from 320 billion dirham (Rs. 6,432.00 billion, US$ 86.40 billion) the previous year. Re-exports increased 28.3% year on year to 198.6 billion dirham (Rs. 3,991.86 billion, US$ 53.62 billion), up from 154.79 billion dirham (Rs. 3,111.28 billion, US$ 41.79 billion) the previous year.
Dubai's Crown Prince and Chairman of The Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated that Dubai has solidified its position as one of the world's fastest expanding business hubs.
“Dubai's existing sea and air networks will be expanded to include 200 more cities across the world. We are confident in our ability to maintain our current growing pace in order to complete our ambitious sustainable development initiatives and plans,” he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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