Dubai non-govt exports, re-exports up 16.5 pct in H1
Dubai's non-government exports and re-exports rose 16.5 percent in the first half of the year from a year earlier data showed on Wednesday.
August 3, 2011 2:32 by Eva Fernandes
Dubai Chamber of Commerce and Industry said the value of exports and re-exports of its members increased to 120.2 billion dirhams ($32.7 billion) in the first six months of 2011, from 103.2 billion dirhams in the same period in 2010.
“The trade sector plays such a major role in the overall health of Dubai’s economy that this is certainly a strong indicator that the economy is on track to meet its forecast percentage growth this year,” Hamad Buamim, director general of the chamber, said in a statement.
Dubai customs data showed direct trade soared 34 percent in the first quarter to 183 billion dirhams.
One of the seven members of the United Arab Emirates federation, the OPEC producer’s trade and business hub is recovering from last year’s $25 billion debt restructuring in its flagship company, Dubai World , after its 2009 standstill sent global markets reeling.
Top Dubai officials said in June key sectors such as trade, tourism, air transport and services grew in the first half.
May saw the most exports and re-exports with 22.1 billion dirhams, a 26 percent increase from a year earlier, while February had the lowest values.
The International Monetary Fund (IMF) said in March it forecast Dubai’s trade and property-focused economy to expand by 2.8 percent this year. (Reporting by Martina Fuchs; Editing by Firouz Sedarat)