DUBAI, United Arab Emirates--(BUSINESS WIRE)--Mexico maintained its position as Dubai’s second-largest trade partner in Latin America during 2015, accounting for 30% of the emirate’s imports from the region, and 13% of its exports over the year.
The volume of non-oil trade between Dubai and Mexico grew at an average annual growth rate of 17.6% between 2010 and 2015, reaching $1.33 billion last year.
Re-exports soared 246% to $37.5 million over the same period. Imports and exports, meanwhile, grew by 18.3% and 21.2%, respectively, to reach $1.25 billion and $30 million.
These trade figures have been released by Dubai Chamber of Commerce and Industry as it prepares to host the Global Business Forum on Latin America on November 9-10, at Atlantis the Palm in Dubai, under the theme of “Shifting Synergies.”
Last year, Dubai imported $353 million worth of telephone sets and $105 million worth of motor vehicles from Mexico. Major exports include unwrought aluminum and polymers of ethylene, while gold also constituted a major import.
“As our second-largest trade partner in Latin America, we know we can count on Mexico to play a key role in our efforts to expand our operations in the region,” said His Excellency Hamad Buamim, President and CEO of Dubai Chamber.
“We look forward to welcoming our Mexican partners at the Global Business Forum on Latin America in Dubai this November.”
Organised under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, the Forum seeks to explore new investment and business opportunities between Latin America and the Middle East.
More than 500 prominent stakeholders are expected to take part in the event, including heads of state, policymakers, CEOs, business leaders, investors, industry professionals, in addition to heads of private banks, sovereign wealth funds, and private equity firms.
As Mexico looks to boost economic cooperation under the Pacific Alliance with Chile, Colombia, and Peru, this development will no doubt create new investment and trade opportunities between the continent and businesses in the GCC region.
Website for Global Business Forum on Latin America: http://www.gbflatinamerica.com
*Source: ME NewsWire