India is Dubai's top trade partner

DUBAI: India has emerged as the top trading partner of Dubai in 2013 with a trade volume of $37 billion, representing a 10 per cent share of the total foreign trade of the emirate. China comes second with a value of $36.7 billion accounting for around 10 per cent, while the US is third with $23.4 billions, a 6 per cent share, followed by Saudi Arabia and the UK respectively with $23 billion and $15.2 billion. India, Turkey and Switzerland are respectively the leading export partners of Dubai, whereas Saudi Arabia stands at the top for re-exports followed by India and Iraq. China, however, leads the list of top imports partners followed by USA and India. With a new peak for non-oil foreign trade in 2013, Dubai's rising growth in foreign trade culminates with a volume of $362 billion, achieving a $26 billion increase from the 2012 value which totalled $336 billion. "Dubai foreign trade growth of 8 per cent reflects the emirate's capability to enhance its trade dealings at all levels. The emirate's imports saw an increase of $20 billion to reach $220 billion in 2013, compared to $200 billion in 2012," Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation of Dubai Customs was quoted as saying by Arab news. Foreign trade has successfully managed to keep up with Dubai's new economic surge, based on a wider diversity of growth, where various economic sectors contribute with convergent rates. Moreover, new trade licenses recorded an increase of 12 per cent that is equal to 18700 licenses, while the total amount of real estate transactions in Dubai grew by 53 per cent exceeding $64 billion.