Thursday, June 16, 2016

China Still is Dubai’s #1 Trading Partner

By Paul Ebeling

LIVE TRADING NEWS - June 13, 2016

China Still is Dubai’s #1 Trading Partner
China topped Dubai’s trading partners with bi-lateral trade totaling 39-B dirham (US$10.6-B) in Q-1 of Y 2016, Dubai Customs said Monday.
India followed in 2nd place with 24-B dirham (US$6.5-B) worth of trade. The United States came 3rd with 22-B dirham (US$6-B).
China became Dubai’s biggest trade partner in Y 2014, when it surpassed India for the 1st time with bi-lateral exchange hitting 175-B dirham (US$47.7-B).
Over 4,000 Chinese firms run branches in the UAE, according to official reports.
As 1 of of the 7 Sheikhdoms forming the United Arab Emirates (UAE), Dubai harbors the biggest free port in the Middle East and is considered the trade and business hub of the Gulf Arab state.
Dubai registered growth of 319-B dirham (US$86.9-B) of non-Oil foreign trade commodities in Q-1, UAE state news agency WAM quoted Dubai Customs figures as stating.
The volume of traded goods rose by 17% Y-Y to 24-M tons, resulting from soaring trading in re-export commodities and export goods.