Foreign trade through Sharjah, the UAE's third largest emirate, surged 47.5 per cent to Dh43.5 billion last year, up from Dh29.5 billion in 2006, according to the Sharjah Economic Development Department (SEDD).
SEDD attributes this growth to increased imports and re-exports. Imports jumped 41.3 per cent to Dh26.7 billion in 2007, up from Dh18.9 billion in 2006.
Meanwhile, transit and re-export revenues grew by a substantial 62.7 per cent to Dh16.6 billion in 2007, up from Dh10.2 billion in 2006.
"This unprecedented growth in foreign trade reflects the dynamic development policy adopted by the emirate and the effective controls implemented by government departments," Ali Bin Salem Al Mahmoud, general manager of SEDD, said.
He said this has cultivated a favourable climate for trade.
"This record growth is an embodiment of the increasingly prominent role played by Sharjah in the region and beyond. Revenues from trade with other GCC countries have grown by 84.6 per cent, from Dh2.6 billion in 2006 to Dh4.8 billion in 2007."
Khalid Maniar, founder and managing partner of Horwath Mak, auditors and business advisers, said: "The reason for Sharjah's growth rate is the spill-over effect of Dubai's econ-omic boom."
He also said the other reason is because Sharjah is also promoting the emirate and its free trade zones that provide the niche services for various trade industries.
"Overall opportunity has risen in this part of the world so everybody gets their due share," Maniar added.
According to the World Trade Indicators 2008 report by The World Bank, "Trade growth accelerated to an average of seven per cent in 2005-07 in the Middle East and North Africa region, which has historically experienced sluggish trade growth."
Foreign trade through Sharjah, the UAE's third largest emirate, surged 47.5 per cent to Dh43.5 billion last year, up from Dh29.5 billion in 2006, according to the Sharjah Economic Development Department (SEDD).