Strong currency forces Dubai to import less from euro zone

Dubai: Dubai's trade with large European markets is slowing down, while China and India are taking over the market, a report released by the Dubai Chamber of Commerce and Industry showed. Dubai's trade with the rest of the world ballooned to Dh663 billion in 2007 from Dh510 billion in 2006 - a gain of 30 per cent. A huge chunk of the total trade, about 23 per cent, was secured by China and India, whose combined trade value stood at Dh154 billion in 2007, outstripping the Dh86 billion secured by the US, Japan and Australia. The five countries are considered the largest contributors to the positive growth of Dubai's trade. The largest contributors to falling trade with Europe were the UK, Denmark, Luxembourg, the Netherlands and Finland. Dubai's trade with Denmark, Luxembourg and Finland dipped significantly by 43.4 per cent,... [read full story]