Q1 2008 auto parts trade valued at AED 5.3 billion up 33%
The latest Statistics released by Dubai World indicated a year on year 30% increase in Dubai‘s total direct trade in auto parts and accessories which were valued at AED 18.2 billion in 2007. This was announced at the Automechanika Academy taking place at the with Automechanika Middle East, the region’s largest automotive aftermarket exhibition currently taking place at the Dubai International Convention & Exhibition Centre till June 3rd.
The total direct trade in auto parts and accessories in Dubai doubled in the five-year period 2003 to 2007 at a Compound Annual Growth Rate (CAGR) of 23 per cent. During the first quarter of 2008, direct trade in auto parts and accessories was AED 5.3 billion, an increase of 33 per cent from the first quarter of 2007.
“This healthy growth rate of Dubai’s direct trade in auto parts and accessories augurs well for participants in the Automechanika Middle East exhibition who can take advantage of the booming trade activity in the GCC region as a result of prosperity brought about by the rising oil prices,” said Eckhard Pruy, CEO of Epoc Messe Frankfurt GmbH, organizers of the Automechanika Middle East.
In 2007, Dubai import of auto parts and accessories amounted to AED 11.1 billion, a 20% increase from the previous year. Import doubled between 2003 and 2007. The import of auto parts and accessories CAGR was 20% during 2003-2007.
In 2007 Dubai export of auto parts and accessories was AED 424.8 billion, a 13% increase from the previous year. Export increased by 200% between 2003 and 2007. The export of auto parts and accessories’ CAGR was about 32% during the five years. Libya, Ukraine and Yemen are the top three export partners of Dubai for spare parts and accessories.
Dubai World statistics further showed a 54 percent of Dubai’s re-exports of spare parts and accessories consisting of general spare parts and accessories in 2007. Tires accounted for 25 percent of re-export.
Statistics showed that Iran, Iraq and Russia are the top three re-export partners for spare parts and accessories. Dubai re-exported about 41% of spare parts and accessories to two countries: Iran and Iraq.
Dubai’s top import partners of Auto Parts and Accessories are Japan, Germany and China. These are the top three import partners for spare parts and accessories. Dubai imported about 54% of spare parts and accessories from these three countries, according to Dubai World statistics.
The strong growth of the sector has prompted the Statistics Department to take part in the Automechanika Middle East, the region’s leading trade fair for the automobile sector.
Automechanika Middle East is the event for the rapidly developing automotive aftermarket in the wider Middle East and Africa. The event covers the full range of parts for motor vehicles, as well as components for the drive, chassis, body, electrics and electronic groups, equipment for vehicle service and repair, bodywork repair and painting, tyres, batteries and performance systems.