India emerges as Dubai's second biggest trade partner after China for H1 2021

As per official figures released by the Dubai government on Sunday, India has emerged as Dubai's second-largest commercial partner after China, with a total volume of 38.5 billion dirhams in the first half of 2021. According to the release, the emirate's trade volume with China in H1 (first half) of 2021 was 86.7 billion dirhams, followed by India and the United States.

Gold was the most valuable commodity in Dubai's foreign trade in the first half, accounting for 138.8 billion dirhams (19.2% of total trade), followed by telecoms at 94 billion dirhams (13%). Diamonds were third on the list, accounting for 57.3 billion dirhams (8%), followed by jewellery (34.1 billion dirhams at 4.7%), and automobile trade (28 billion dirhams at 4%).

Dubai's non-oil foreign trade increased by 31% in the first half of 2021, from 550.6 billion dirhams in the same time in 2020 to 722.3 billion dirhams in the first half of 2021.

India Dubai's second biggest trade partner

From 38.5 billion dirhams in H1 2020 to 67.1 billion dirhams in H1 2020, trade with India increased by 74.5% year on year. In the first half of 2020, trade with China grew by 30.7% year on year, totalling 66.3 billion dirhams. In the first half of 2021, the United States traded 32 billion dirhams with Dubai, up 1% from 31.7 billion dirhams in the previous year.

Saudi Arabia finished in fourth place with 30.5 billion dirhams, up 26% from H1 2020, and Switzerland came in fifth with 24.8 billion dirhams. In H1 2021, the five largest trading partners had a combined share of 241.21 billion dirhams, up 30.34% from 185.06 billion dirhams in H1 2020.

Exports up 41%, imports 29.3%

Exports increased 45% year on year in H1 2021, to 109.8 billion dirhams from 75.8 billion dirhams, supporting the 10x10 program's target of increasing the UAE's exports to 10 worldwide markets by 10% annually (one of the nation's 'Projects of the 50' projects). Imports increased by 29.3% year on year to 414 billion dirhams, up from 320 billion dirhams the previous year. Re-exports increased 28.3% year on year to 198.6 billion dirhams, up from 154.79 billion dirhams the past year.

Dubai's Crown Prince and Chairman of The Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said that Dubai has solidified its position as one of the world's fastest expanding business hubs.

Dubai's existing marine and aviation networks will be expanded to include 200 more destinations around the globe. He stated, "We are sure that we will maintain our growth momentum in order to realise our ambitious sustainable development projects and plans."

(With inputs from PTI, Image: Unsplash)