Snatching the title from China, India has become the main trading partner of Dubai in the first half of 2008, with the edge both over the list of import and export. The report presented by the Dubai World's Statistics Department says that in the first six months of year 2008, India and Dubai has made out the export of USD 2.26 bn, which means a growth rate of 44.4% in comparative to what it was in the last yea, 2007. The bilateral trade imports value has also shown the same statistics which has increased by 49.6% and reached to USD6.56 billion as compare to last year figure of USD4.38 billion in the corresponding period. Out of all the total re-exports made during the first four months of the 2008, India has also stood out as the top re-export destination with worth AED 11.9 billion (31.8%).
China has been pushed aside to the second position in the Dubai's top trading partner race. But it has showed 29.9% increase in the growth rate and has reached to USD 6.48 billion as against to USD 4.98 billion of the last year followed by Switzerland with AED 7.2 billion. All three nations-India, China and Switzerland has made a total account of 31.8% in total imports of Dubai. The United States of America has to satisfy with the fourth position with 76.4% growth rate.Mr. Saeed Al Qaizi, the director of procurement, contracts and statistics, at the Dubai World said "This growth reflects the position Dubai now enjoys in global trade. Excellent development of infrastructure and reinforcement of its competitive potentials have helped Dubai become an attractive economic hub for investments in diverse areas." Further Mr.Nassim Al Mehairi, the acting manager at statistics department of Dubai World remarked that,"Dubai's overall imports during January-June, 2008 also saw a growth rate of 52.7 per cent."
India with the Angola, the European Commission (EC) and China has also been recognized as the Dubai's top diamond trading partner during the first six months of 2008 with a joint value of around 85% of the total trade volumes. During the aforesaid period, India had made a share of 13.14% of the total imports through the emirate worth AED 12.6 billion (1AED=.272USD) and the total exports during the period was recorded AED 4.7 billion. As per the Dubai Multi Commodities, during the first half of 2008, India was the top gold trading partner of the Dubai. India along with the Malaysia and Switzerland were the top emirate exporter. India, Canada and Switzerland were the top gold importers from Dubai. In the first half of 2008, gold which was traded from the Dubai touched the mark of $13.07 billion, which was 48% more than the $8.84 billion of the same period of last year. 'Demand for gold has been resilient to global market conditions. Despite high volatility in prices, gold trade through Dubai continued to surge, reiterating the emirate's prominence as a global center for gold and precious metals,' Ian MacDonald, executive director for gold and precious metals at DMCC, said in the statement. Further he added 'The sharp rise in prices seen earlier this year has been a prime driver in improving export volumes, and has boosted the role of gold as an inflation-hedging instrument.'