Sharjah reports record growth in foreign trade

Sharjah, June 17 (WAM) - Sharjah's foreign trade saw record growth in 2007, reporting a growth rate of 47.5 percent over the previous year, amounting to Dh43.5 billion in revenues - a significant increase in the average annual growth reported between 2003 and 2006.
Sharjah Economic Development Department (SEDD) attributed this growth to the increased revenues resulting from import and re-export activity. Import revenues jumped 41.3 percent to Dh 26.7 billion in 2007, up from Dh 16.8 billion in 2005 and Dh 18.9 billion in 2006. Meanwhile, transit and re-export trade revenues have grown by a substantial 62.7 percent to reach Dh 16.6 billion in 2007, up from Dh 10.2 billion in 2006.
Ali Bin Salem Al Mahmoud, General Manager of the Sharjah Economic
Development Department stated that the current growth resulted in a trade surplus of Dh 4.1 billion in the GCC in 2007, while trade exchange with other Arab countries has grown from Dh 3 billion in 2006 to Dh 3.7 billion in 2007, amounting to total growth of 23.3 percent and a trade surplus of Dh 3.1 billion in the greater Arab region in 2007.
India has proved to be the emirate's major trade partner with revenue of Dh 7.3 billion over the last year, followed by Japan and China with Dh 3.5 and Dh 2.3, respectively.
Sharjah's major trade partner in re-export trade in 2007 was Iran, with Dh 3.6 billion, followed by Iraq with Dh 2.1 billion, and the KSA, Kuwait, Bahrain and Oman. Goods re-exported to the KSA were valued at Dh 1.2 billion, to Kuwait at Dh 751 million, to Bahrain at Dh 719 million and to Oman at AED686 million.