Dubai's total non-oil foreign trade totalled more than AED1trn ($272bn) in the first 10 months of 2012, a record amount for the period.

The figures for January and October compared to AED911bn for the same period in 2011, a growth rate of 13 percent, according to official data released on Wednesday.

Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone and director general of Dubai Customs said the total included direct trade, free zones trade and warehouse customs trade.

He added that the growth in Dubai's trade reflected the "recovery in the domestic economy from the global financial crisis driven by the performance of key sectors".

He said the increase in foreign trade coincided with the emirate "launching many new development projects in the economic, recreational and real estate areas".

Returns from Dubai's imports during the 10-month period totalled AED609bn, compared to AED549bn for the same period last year.

Dubai's foreign trade fell to as low as AED619bn during the January to October period in 2009 during the worst of the global financial crisis before rising to AED742bn the following year.

According to official statistics, India remained the top trading partners for Dubai with its total trade exchange valued at AED127bn, followed by China, Switzerland, the United States and Turkey.

Gold ore and half manufactured gold topped the list of Dubai's imports (AED113bn) followed by communications networks equipment, diamonds, jewellery and precious metals.

Gold also ranked first on the list of exports during the period with a value of AED89bn, followed by diamonds, jewellery, precious metals, petroleum oil and aluminium.

 

Source : arabianbusiness.com