India is Dubai's largest export destination

Dubai, Feb 27: India has emerged as Dubai's largest export destination ahead of Pakistan, Iran and Kuwait, with the total trade between the two countries in 2006 registering a whopping 336 per cent increase.

Dubai Customs statistics shows that the total trade between Dubai and India over a period of five years from 2002 to 2006 has increased to 10.9 billion dollars from 2.5 billion dollars.

Export from India to Dubai in 2006 stood at 6.4 billion dollars and import into India from Dubai was 4.5 billion dollars.

In 2006, major import from India to Dubai was diamond valued at 1.3 billion dollars.

The top five commodities also comprised jewelleries, platinum, gold and scrap of precious metals.

Of the total exports of 4.5 billion dollars from Dubai to India, 1.2 billion dollars comprised gold.

The top five commodities exported from Dubai to India were ferrous waste and scrap, aluminium waste and scrap, copper waste and scrap and paper waste and scrap.

Indian Consul General Venu Rajamony said the economic ties between the two countries are poised to strengthen further.

''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,'' the official said yesterday.

Indian companies, which are entering Dubai and northern Emirates in larger numbers, are finding Dubai an important trans-shipment point and logistic hub for their goods, he added.

Over 80 per cent of the trade between India and UAE is routed through Dubai.

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.

UNI >