India - Dubai’s second-largest trade partner
According to official data released on September 26, India has achieved an overall trade volume of 38.5 billion dirhams and has become the second-biggest trading partner of Dubai after China in the first half of 2021. According to a statement by the Dubai Government, Dubai recognized a trading volume of 86.7 billion dirhams with China H1 2021, followed by India and then the USA
As it is seen in the graph below, trade with India grew exponentially with a rate of 74.5% year-on-year (67.1 billion dirhams from 38.5 billion dirhams) in H1 2020.
China has also observed a growth rate of 30.7% year-on-year (66.3 billion dirhams) in H1 2020.
In H1 2021, the U.S.A. was up 1% year-on-year (from 31.7 billion dirhams to 32 billion dirhams with Dubai). Saudi Arabia recorded 26% from H1 2020 (with 30.5 billion dirhams up) and thus came fourth. And, Switzerland at 24.8 billion dirhams came fifth.
The second graph clearly shows that there is a major increase in the total share of the five biggest trade partners (241.21 billion dirhams in H1 2021 from 185.06 billion dirhams in H1 2020 which is up by 30.34%).
- The third graph draws a comparison of the list of commodities in Dubai’s H1 external trade, Gold topped with 138.8 billion dirhams (19.2% of Dubai trade), followed by telecoms at 94 billion dirhams (13%).Followed by Telecoms, diamonds have been observed at the third position in the list with 57.3 billion dirhams (8%), which was then followed by jewelry at 34.1 billion dirhams (4.7%) and then vehicle trade at 28 billion dirhams (4%).
- Supporting the 10 x 10 program which aims to increase the U.A.E.’s exports to 10 global markets by 10% annually, exports grew to 109.8 billion dirhams from 75.8 billion dirhams (45% year on year) in H1 2021. And, imports rose to 414 billion dirhams from 320 billion dirhams (29.3% year-on-year).Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, stated “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.”