Dubai’s exports to Saudi Arabia bring in the big bucks with $2.5 billion in March
Exports from Dubai to Saudi Arabia crossed AED9 billion in March 2014, according to Dubai Chamber figures.
Dubai’s total exports touched AED25.5 billion, higher by 7 percent than AED 23.9 billion recorded in the month of February with a y-o-y increase of 5 percent compared to March 2013, according to a latest figures.
The GCC was the largest export destination with total export to the region reaching AED15.8 billion, with Saudi Arabia taking 57 percent of the total GCC export.
The impressive growth of total exports to GCC during the month could be attributed mainly on the m-o-m surge of 33 percent in exports to Saudi Arabia, as total exports to the country reached over AED9 billion during the month clocking 35 percent of the overall global exports, while y-o-y growth was also highly positive at 16 percent compared to March 2013, which stood at AED 7.8 billion
Kuwait was second to Saudi Arabia, with exports to the country of AED1.8 billion representing a growth of 23 percent, m-o-m; and 10 percent, y-o-y.
Meanwhile, exports to Qatar declined to AED1.8 for a significant m-o-m drop of 37 percent from previous month’s AED 2.9 billion.
Y-o-y growth was also down at — 6 percent, from year ago value of AED1.9 billion.
Although at lower values of AED1.1 billion and AED721 million, respectively, exports of members to Oman and Bahrain posted corresponding significant m-o-m growths of 33 percent and 32 percent, and y-o-y growths of 11 percent and 64 percent.
Also in the GCC region, more than half (57 percent) of exports of members were destined to Saudi Arabia, while 12 percent were shipped to Kuwait; and 11 percent, to Qatar.