Dubai's iron and steel trade grows by 32.5 percent

According to a report compiled by the Statistics Department of Dubai World, Dubai's iron and steel trade grew 32.5 percent in 2006 compared to 2005. In the given period, 8.1 million mts of iron and steel worth Dh 30.1 billion ($8.2 billion) passed through the country's entry points against 6.6 million mts worth Dh 22.7 billion ($6.2 billion) a year earlier. In the report, the Statistics Department of Dubai World stated, “The sharp rise in volumes was the result of the growth in the construction sector, especially the giant real estate projects and infrastructure work like airport, roads, bridges, power lines and the metro. We expect that this trend will continue over the next five years since many of these projects are in their early stages.” According to the report, Turkey is the main exporter of iron and steel to Dubai, accounting for Dh 4 billion ($1.08 billion) or 17.5 percent of the total, followed by China with Dh 3.1 billion (13.5 percent), India with Dh 3 billion (13.1 percent), South Korea with Dh 1.2 billion (5.1 percent), and Germany with Dh 1.1 billion (4.9 percent).