Dubai recorded a 30 per cent increase in its trade volume in 2005, with India overtaking China to become the biggest importing country. The total Dubai gold trade in 2005 stood at $76.4 bn, department of tourism and commerce marketing said.
Dubai Ports, Customs and Free Zones Corporation said India's trade with Dubai showed an increase of 37.94 per cent in 2004, compared to China's increase of 22.39 per cent in the same year.
Gold trade has increased manifold resulting in India's record performance. Dubai is an important global player, dealing in 10 per cent of the world's gold.
The UAE is the second largest destination for India's exports after the US at $8.5 billion in 2005-2006. India's exports to the UAE exceeded its exports to the rest of the West Asia including Iraq and Iran.
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