India emerges No 2 export market for UAE
22 Dec 2007
Mumbai: India is now the second top destination for exports from the United Arab Emirates the emirate's total exports going to India, the Dubai Chamber of Commerce and Industry said in a report.
Iran tops the list with a share of Dh94.3 billion or 15.2 per cent of the total exports that reached Dh621.4 billion.
India came in second with a share of 11 per cent or Dh68.3 billion, followed by Saudi Arabia with a 5.7 per cent share at Dh35.4 billion.
India's average annual growth, however, was much higher at 71 per cent compared to Iran's 21.3 per cent and 12 per cent for Iran and Saudi Arabia, respectively, the report added.
India is also the sixth largest exporter to the country, after Japan, the US, Germany, China and the UK.
Indian exports to the UAE rose 17 per cent to Dh31.6 billion in 2005-2006 from Dh27 billion in 2004-2005 and Dh18.8 billion in 2003-2004, making UAE India's second most important export destination after the United States, Reserve Bank of India figures show.
Dubai Chamber in its report said Dubai had increased its export diversification over the five-year period between 2002 and 2006.
"Although export performance in traditional niche markets remained positive, increasingly positive performance scores in other markets are shown to be due to content diversification," the chamber said.
Dubai's exports grew at an average rate of over 28 per cent annually during the past five years, according to the latest statistics from Dubai Chamber.