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29417
Mon, 11/10/2008 - 15:37
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http://m.oananews.org//node/29417
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Dubai's rice trade value leaps by 155% in 1st half 2008
Dubai, Nov 10, 2008 (WAM) - Rice trade in Dubai has made a quantum leap in terms of value during the first six months of 2008, achieving a remarkable 155.3 per cent rise compared to the same period of last year.
Figures released by the Statistics Department of Dubai World also showed that the growth is by 42.2 per cent in terms of volume over the same period.
According to the department figures, the total value of Dubai's import and re-export of this vital commodity reached Dh3.043 billion (about USD829 million) during the first half of 2008, compared to Dh1.191 billion (about USD324 million) during the same period of 2007 - an increase by Dh1.85 billion (about USD504 million), while the volume rose from 579,000 tons in first half of 2007 to 823,000 tons in first half of 2008- an increase by 244,000 tons.
This trade surge reflects the radical changes in the food habits among a very large segment of the community as a result of the global rise in price for most food materials. Most families seem to have begun avoiding other food items classified as luxuries.
In addition, rice is a major component of food that can be an alternative meal in the light of the surge in the prices of various food products, not only in the local market, but also at global level.
The Statistics Department figures showed that Dubai's rice import in the first six months of 2008 rose to a value of about Dh2.287 billion and by 585000 tons in terms of volume. It was Dh927 million and by 445,000 tons during the same period in 2007. Rice re-exports recorded a remarkable growth, totalling about Dh755 million and by 238,000 tons compared to the 2007 period, which were Dh264 million and by 133,000 tons.
India topped the list of countries exporting rice to Dubai at a value of Dh1.549 billion, accounting for 67.7 per cent of the total trade in the first half of 2008. Pakistan came second with Dh610 million, which is about 26.6 per cent, while Thailand was at third place with export value of Dh95 million, which is 4.2 per cent of the total trade. Other countries constituted a combined value of Dh32 million, not exceeding 1.4 per cent.
Iran had the lion's share in the re-export of rice from Dubai at Dh.657 million, which is 87 per cent. Iraq comes second at Dh40 million - 5.4 per cent, followed by the United States of America at Dh8.4 million - 1.1 per cent.
Figures released by the Statistics Department of Dubai World also showed that the growth is by 42.2 per cent in terms of volume over the same period.
According to the department figures, the total value of Dubai's import and re-export of this vital commodity reached Dh3.043 billion (about USD829 million) during the first half of 2008, compared to Dh1.191 billion (about USD324 million) during the same period of 2007 - an increase by Dh1.85 billion (about USD504 million), while the volume rose from 579,000 tons in first half of 2007 to 823,000 tons in first half of 2008- an increase by 244,000 tons.
This trade surge reflects the radical changes in the food habits among a very large segment of the community as a result of the global rise in price for most food materials. Most families seem to have begun avoiding other food items classified as luxuries.
In addition, rice is a major component of food that can be an alternative meal in the light of the surge in the prices of various food products, not only in the local market, but also at global level.
The Statistics Department figures showed that Dubai's rice import in the first six months of 2008 rose to a value of about Dh2.287 billion and by 585000 tons in terms of volume. It was Dh927 million and by 445,000 tons during the same period in 2007. Rice re-exports recorded a remarkable growth, totalling about Dh755 million and by 238,000 tons compared to the 2007 period, which were Dh264 million and by 133,000 tons.
India topped the list of countries exporting rice to Dubai at a value of Dh1.549 billion, accounting for 67.7 per cent of the total trade in the first half of 2008. Pakistan came second with Dh610 million, which is about 26.6 per cent, while Thailand was at third place with export value of Dh95 million, which is 4.2 per cent of the total trade. Other countries constituted a combined value of Dh32 million, not exceeding 1.4 per cent.
Iran had the lion's share in the re-export of rice from Dubai at Dh.657 million, which is 87 per cent. Iraq comes second at Dh40 million - 5.4 per cent, followed by the United States of America at Dh8.4 million - 1.1 per cent.
