Business

India emerges as Dubai's second biggest trade partner

India has emerged as Dubai's second biggest trading partner, trade with India grew 74.5% year-on-year to 67.1 billion dirham from 38.5 billion dirham in H1 2020   | Photo Credit: AP

India has emerged as Dubai's second biggest trading partner after China with the overall volume touching 38.5 billion dirham in the first half of 2021, according to official data released on September 26.

According to a Dubai government statement, the emirate had a trade volume of 86.7 billion dirham with China in H1 (first half) of 2021, followed by India and the U.S. at third position.

Trade with India grew 74.5% year-on-year to 67.1 billion dirham from 38.5 billion dirham in H1 2020.

China recorded 30.7% growth year-on-year with total trade with Dubai standing at 66.3 billion dirham in H1 2020.

In H1 2021, the U.S.A. traded 32 billion dirham with Dubai, up 1% year-on-year from 31.7 billion dirham.

Saudi Arabia came fourth with 30.5 billion dirham up 26% from H1 2020, followed by Switzerland at 24.8 billion dirham.

The total share of the five biggest trade partners in H1 2021 amounted to 241.21 billion dirham compared to 185.06 billion dirham in H1 2020, up 30.34%.

Gold topped the list of commodities in Dubai's H1 external trade at 138.8 billion dirham (19.2% of Dubai trade), followed by telecoms at 94 billion dirham (13%).

Diamonds came third in the list at 57.3 billion dirham (8%), followed by jewellery at 34.1 billion dirham (4.7%), and vehicle trade at 28 billion dirham (4%).

Dubai's non-oil external trade surged 31% in the first half of 2021 to reach 722.3 billion dirham from 550.6 billion dirham in the corresponding period in 2020.

Exports grew 45% year on year in H1 2021 to 109.8 billion dirham from 75.8 billion dirham, which supports the goal of the 10 x 10 program (one of the nation's 'Projects of the 50' initiatives) to increase the U.A.E.'s exports to 10 global markets by 10% annually.

Imports rose by 29.3% year-on-year to 414 billion dirham from 320 billion dirham. Re-exports grew 28.3% year-on-year to 198.6 billion dirham from 154.79 billion dirham.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said Dubai has reinforced its status as one of the world’s fastest growing business hubs.

“Dubai’s existing sea and air network will be expanded to cover 200 new cities around the world. We are confident that we will continue to build on our growth momentum to achieve our ambitious sustainable development projects and plans,” he said.


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Printable version | Oct 19, 2021 11:26:20 AM | https://www.thehindu.com/business/india-emerges-as-dubais-second-biggest-trade-partner/article36689881.ece

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