Iran has taken the top spot as Dubai’s main export market, surpassing India and major European countries, a new report has revealed.
The Islamic Republic accounted for a 15 per cent share of total exports from Dubai between 2002 and 2006, data released by the Dubai Chamber of Commerce and Industry (DCCI) yesterday showed.
Iran imported goods worth Dh94.3 billion from Dubai’s total exports of Dh621.4bn during the five-year period, however the market was growing at a lower yearly rate than the 28 per cent average annual growth of total exports.
The UAE has been a global gateway for Iran and its most important global trading partner, with trade between the two countries – mainly exports from the UAE to Iran – reaching more than $11bn (Dh40.3bn) in 2006 alone.
DCCI data showed India taking second place in Dubai’s list of major markets, with an 11 per cent share of the total value of exports in that time. The country also saw a much higher average annual growth of 71 per cent.
The only GCC country to feature at the top of the list was Saudi Arabia, which in third place was Dubai’s largest GCC export market.
The Kingdom took 5.7 per cent share of Dubai’s exports between 2002 and 2006. The country also ranked first in terms of export performance score, mainly due to increasing diversification of export contents and increasing number of products exported to it in large volumes, the report said
The Saudi Arabian market was expanding at an annual rate of only 12 per cent – much lower than the growth of total exports.
Qatar was the only GCC destination where annual export growth – at nearly 34 per cent – exceeded the total average growth in the major markets. The Gulf state only took 1.8 per cent share of Dubai’s exports.
Oman was the worst export market of the GCC nations for Dubai. Although content diversification to the Sultanate was significant during that period, the report said.
The three European countries – Switzerland, Belgium and the Netherlands – were all in Dubai’s top 10 list of export markets.