Saudi stays on top of Dubai export market
Saudi Arabia remains the largest export and re-export market for Dubai in the first half of the current year, capturing 27 percent of the market totaling AED 36.3 billion, according to a report released by Dubai Chamber of Commerce and Industry (DCCI).
According to the DCCI, Iraq ranked second of DCCI member export and re-export goods at AED 19.4 billion, followed by Qatar at AED 10.4 billion, Kuwait at AED 8.8 billion, Oman at AED 5.1 billion, and India at AED 2.8 billion. During the six-month period, 109,315 certificates of origin (COs) were issued to export shipments destined for Saudi Arabia, equivalent to 30% of all COs issued during the period, the report stated.
COs covering export shipments of DCCI members to Qatar totaled 60,810 or 16 percent of the total, Kuwait received, 35,146 COs or 9 percent, Oman, 22,910 COs or 6 percent, Bahrain 17,629 COs or 5 percent, and the UAE 17,000 COs or 5 percent of the total certificates issued during the six-month period.
During the same period, 3,540 DCCI members exported to Qatar, or 38 percent of the 9,194 exporters during the period. The number of exporters to Saudi Arabia equaled 3,410 or 37 percent of the total exporters.
According to the report, DCCI exporters to Kuwait numbered 2,344 or 25 percent, Bahrain 1,439 or 16 percent, Oman 1,375 or 15 percent, and the UAE 1,119 or 12 percent. Non-GCC member countries with high numbers of exporters were Iraq at 997, Jordan at 992, and Egypt at 963.
Iraq remained the fastest growing market with exports and re-exports to the country increasing from only AED 4.1 billion from January to June of 2011 to a high of AED 19.4 billion for the same period in 2012, the report said.
Exports and re-exports to Saudi Arabia grew by AED 6.6 billion. However, the rate was comparatively lower at 22 percent. Qatar followed, growing by AED 2.4 billion or 31 percent. Other GCC member countries to grow significantly were Kuwait and Oman, exports to each country increasing by AED 1.2 billion. Exports and re-exports of Dubai Chamber members to Libya grew by AED 1.7 billion or by 260 percent for the year.
Other countries with significant growth were Jordan at AED 759 million or 43 percent, Turkey at AED 663 million or 131 percent, and Pakistan at AED 661 million or 53 percent, the report said.
The highest monthly export value was recorded in May, at AED 28 billion, while the lowest value was in February with AED 19.7 billion. June’s AED 22.7 billion came third following the AED 23 billion export value noted for March.
- Kuwait: the GCC's underachiever?
- Liberalization under the auspices of the palace: migration reform in Morocco
- Why the Saudi middle class must be saved
- The 'Egyptian Dream': is sacrifice a necessary requirement for Egyptians to achieve a better standard of living?
- Ramadan brings the issue of food wastage in Saudi Arabia to the forefront