Dubai foreign trade hits record $299 bn

Dubai, April 18 (IANS/WAM) Dubai’s foreign trade has reached a record 1.1 trillion dirhams ($299 billion) in 2011, up by 22 percent from the previous year.

Imports increased by 21 percent to 442 billion dirhams, while exports rose by 44 percent to 98 billion dirhams. Re-export trade climbed 18 percent to 161 billion dirhams, the customs authority said.

Crown Prince of Dubai Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum said the record surge in the volume of Dubai foreign trade ‘reflects the strength of our national economy and its consistency’, adding that it is also a result of prudent financial and economic policies adopted by the national financial institutions.