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Exports by Dubai traders hit Dh40b in 2nd quarter of 2007

Dubai: The volume of exports by Dubai traders hit 40 billion dirhams (10.90 billion U.S. dollars) in the second quarter of 2007, surging 40 percent compared with the same period of 2006, a latest report said. About 6,682 companies out of a 100,000 registered entities exported goods during the second quarter, the Dubai Chamber of Commerce and Industry (DCCI) said in its report. The value maintained the 10 per cent quarter-on-quarter growth recorded in the previous quarter. According to the latest report by the Dubai Chamber of Commerce and Industry, the Gulf Cooperation Council (GCC) countries continued to be the largest market for Dubai exporters, with 46.2 percent of exports worth around 18.3 billion dirhams going to the region. Saudi Arabia and Qatar were the largest markets in the GCC, absorbing exports valued at 7.5 billion dirhams and 6.8 billion dirhams respectively. Iran continued to be Dubai's largest single market, taking exports of 8.5 billion dirhams, or 21.5 percent of the emirate's total exports. Exports to Kuwait reached Dh2.1 billion for growth of 8.9 per cent. However, the 4.5 per cent decline in exports to Oman and the sluggish growth of 2.4 per cent in exports to Bahrain reduced export growth to the GCC to only 9.1 per cent. Exports to Oman reached Dh1.4 billion, and those to Bahrain touched Dh0.6 billion. Exports to the UAE also posted below average growth of 6.9 per cent, and to Iran, only 5.3 per cent. Exports to India posted double-digit growth of 18.5 per cent to Dh1.1 billion. Exports to Yemen rose to Dh1.0 billion, an increase of nine per cent. Egypt and Jordan were the fastest growing market for Dubai's exporters, which registered double-digit growth rates of 34.2 percent and 29.4 percent in the quarter respectively. (1 U.S. dollar = 3.67 dirhams) Exports to Libya declined 8.8 per cent to Dh900 million while exports to Sudan dropped to Dh400 million, or 27.1 per cent. Exports to other destinations grew from Dh3.7 billion in the first quarter to Dh4.7 billion in the second.

 

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