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Dubai-France Non-oil Trade Rises to Dh7.47 Billion in Six Months

The figures released by the Statistics Department of Dubai World showed that trade between the two countries amounted Dh7.47 billion (about $2billion) during the first six months of this year, while it was Dh5.9 billion during the same period last year — an increase by Dhs1.57 billion.

The increase in trade reflects the strong relations between Dubai and France in several areas, including economic, academic, industrial and financial sectors.

It is expected that the First Gulf-France Economic Forum being held in Paris on Tuesday and Wednesday (October 28-29) will further strengthen the economic co-operation between France and the Gulf Co-operation Council (GCC) states, particularly Dubai, the region’s leading trade hub.

A large contingent of officials and business leaders from the GCC countries and France are taking part in the Forum, which is being held under the theme “Towards Sustainable Strategic Partnership.” Organised by the GCC, the conference is part of the efforts exerted by the Gulf countries to promote economic development, openness, diversification of income sources and to attract direct investments.

The forum is held at a time when negotiations are gaining momentum over establishing Free Trade Agreement between the GCC countries and the European Union. Discussions have been going on for over two decades to reach a final understanding on the issue. France can play a major role in facilitating an agreement.

Dubai’s imports from France formed the lion’s share of the total half-yearly trade, amounting about Dh7 billion compared with Dhs5.5 billion in the same period of 2007. Perfumes and toilet water such as after-shave lotions and eau de toilette etc topped the import list amounting Dh734 million (10.4 per cent), followed by jewellery and precious metals, which amounted Dh490 million (7 per cent). Import of aircraft parts amounting approximately Dh371million (5.3 per cent), amounting to about Dh1.6 billion (22.6 per cent). Import of other miscellaneous commodities and products was valued at Dh5.4 billion. During the first six months of 2008 Dubai’s exports to France amounted approximately Dh238 million, compared with about Dh224 million in the first half of 2007. Jewellery and precious metals topped the list amounting Dh114 million (48 per cent), followed by ceramics, glass, wall & hearth tiles and paint derivatives (about Dh14 million — 5.8 per cent), and photogrammetrical, photo hydrological and geophysical instruments (Dh11million - 4.6 per cent).

Dubai’s re-exports to France amounted about Dh190 million in the first half of 2008, compared with Dh86 million in the first half of 2007. Aircraft parts topped the list amounting Dh66 million (34 per cent), followed by Jewelry and precious metals at Dh53 million, and winches, bulldozers and escalators at Dh6.5 million.