Dubai's direct trade exchange reached AED289 billion ($78.67 billion) in the first five months of the year, as against AED228 billion during the same period of 2010, marking an increase of 27 percent. Statistics issued by Dubai Customs show growth in all sectors of direct trade between Dubai and the rest of the world, including exports, imports and re-exports. Free Zones trade scored a boost by 25 percent of over AED160 billion as opposed to AED128 billion in the same period last year, according to WAM, the emirate's new agency. Customs warehouse business achieved a record growth by 58 percent to about AED1.9 billion as compared to the AED1.2 billion scored last year. Dubai trade rates, which include direct trade, free zones and customs warehouses, jumped into AED452 billion compared to the AED358 billion with a growth rate of 26 per cent. "This growth is attributed to the economic diversity Dubai enjoys as well as the remarkable status it takes being a key business hub," said Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs. "Dubai direct trade with the world during the first five months of this year scored record rates if we look back at the same periods of the past five years. This reflects that Dubai has already overcome the financial crisis which stormed the international markets and still do," he added. Statistical indicators issued for Dubai direct trade from January to May demonstrated a major growth in the exports movement by 36 percent amounting to AED36.4 billion as opposed to AED26.7 billion on the same period last year. The re-exporting sector grew by 33 percent to reach AED74.2 billion as compared to AED55.8 billion. Imports went up by 23 percent reaching AED178.8 billion compared to AED145.6 billion for the same period of 2010. "Dubai's economic policies are distinctive and its economic legislations and systems meet top international standards and practices," Butti said. As per the issued statistics by Dubai Customs, India gained the biggest share of Dubai direct trade with the world with a total trade exchange of over AED87 billion between both countries during the first five months of 2011 forming 30 percent of the total rate of Dubai trade. India topped the list of countries in imports (AED41.3 billion), exports (AED16 billion) and re-exports (AED30 billion). China came in second place in terms of imports with a value of AED18.5 billion, followed by the US with a value of AED13.1 billion. Switzerland claimed the second place for exports with a value of AED2.7 billion, followed by Saudi Arabia with exports worth AED1.7 billion during the first five months of the year. Rough and manufactured diamonds topped the list of Dubai's imports with a value of around AED31 billion. Gold ore came second with over AED29.5 billion, followed by jewelry and precious metals with a value of over AED10.1 billion, and cars and spare-parts with more than AED7.7 billion. Among exports, gold claimed the top with over AED22 billion in value, followed by petroleum oil with a value of AED1.5 billion. Diamonds topped the re-exporting list during the first five months with over AED33.2 billion, followed by cars and spare-parts at the second place with a value of AED3.75 billion. Jewelry and precious metals re-exports stood third with a value of AED3.1 billion.
