Dubai’s exports in Q2 registers 6.5% increase
A study released by Dubai Chamber of Commerce & Industry based on the first two quarters of the year showed total export in Q2-2009 was 6.5% higher than the total exports of AED 43.7 billion in the previous quarter (Q1-2009). An increase in the number of exporters could likewise be noted, from 6,295 in Q1 to 6,516 in Q2.
Also, in the second quarter of 2009, Dubai Chamber members’ exports to 20 major destinations accounted for 93% of total export, with GCC region being the largest export market. Total export to GCC totaled AED 21,808 billion, or 47% of the total value of exports during the quarter.
The study showed that compared to the previous quarter value of AED 21,605 billion, a modest gain of less than 1% could be noted. Largest market among the GCC countries was Saudi Arabia, with export value of AED 9.9 billion for a quarter growth of 4%. Exports to Kuwait likewise increased at comparable rate to AED 2.6 billion.
On the other hand, exports to Qatar with total value of AED 4.5 billion actually represented a substantial slowing down of 11%. Other GCC markets that shrank during the quarter were Oman, with total exports registering substantial reduction of 19% to a quarter total of AED 1.1 billion.
Exports to Bahrain likewise declined by 9% to AED 655 million. Trade between the UAE’s customs territory and Dubai’s free zones and duty free shops went up by an impressive 24% since the first quarter to reach a total of AED 3.1 billion in the second quarter.
Eng Hamad Buamim, Director General, Dubai Chamber, pointed out that the Certificates of Origin issued by Dubai Chamber to export shipments of its members in 2009 showed that despite the global economic downturn, monthly exports followed the moderately increasing pattern defined over the period prior to the dramatic surge in exports in the latter part of 2007 and into 2008. He said that between 2007 and 2008, oil price zoomed to all time high, leading to increasing disposable income in the region and higher demand for imported goods.
Compared to 2006 and 2007 levels, increases on a month-on-month basis could be noted, with exports in June 2009 valued at AED 16.9 billion registering the highest increase of 40% over the 2007 level. Lowest increase was noted in May, with the total export of AED 14.8 billion, or 3.5% higher than the corresponding figure for May 2007. With April exports also reaching AED 14.8 billion, total exports for the second quarter of 2009 (Q2-2009) hit AED 46.5, or 17% higher than the figure for the first semester of 2007.