DUBAI, 27 February 2007 — The relations between India and the UAE were poised to strengthen even further as India has emerged as Dubai’s largest export destination ahead of Pakistan, Iran and Kuwait, Indian consul general Venu Rajamony said yesterday.
“The trade between the UAE and India has diversified and rapid economic growth of the Indian economy has made it an attractive destination for investments from UAE. Indian companies have become more robust and confident with the rapid economic growth and are entering Dubai and northern Emirates in larger numbers. Dubai is increasingly an important trans-shipment point and logistic hub for the Indian goods” he said, while addressing a press conference in Dubai.
According to Dubai Customs statistics, the total trade between Dubai and India over a period of 5 years, from 2002 to 2006 has increased from $2.5 billion to $10.9 billion reflecting an increase of 336 percent. Over 80 percent of the trade between India and UAE are routed through Dubai. For the year 2006, the total non-oil trade between India and Dubai was $10.9 billion. Export from India to Dubai in the year 2006 was $6.4 billion. Import into India from Dubai was $4.5 billion.
According to the figures released by the Dubai Government Department of Tourism & Commerce Marketing (DTCM), India has emerged as Dubai’s largest export destination ahead of Pakistan, Iran and Kuwait. However, China leads as the top exporter to Dubai followed by India. On the re-export front, India was second after Iran as destination of re-exports from Dubai.
In 2006, major import from India to Dubai was diamond valued at $1.3 billion. In fact, top five commodities comprised of diamond, jewelries, platinum, gold and scrap of precious metals. In 2006, of the total exports of $4.5 billion from Dubai to India, $1.2 billion comprised of gold. The top five commodities exported from Dubai to India were ferrous waste & scrap, aluminum waste & scrap, copper waste & scrap and paper waste & scrap.