Value of exports of 11,110 of Dubai Chamber members to 210 destinations in 2012, based on a data of the Certificates of Origin (COs) issued during the year, reached a record high of AED 268 billion with a year-on-year growth of 9%, revealed a recently-released Dubai Chamber of Commerce and Industry analysis.
According to the report, the value exceeded by 26% to the pre-crisis level of AED 213 billion in 2008 while export/re-export value rose from only AED 23 billion in 1996 to more than 10 times the value in 2012.
GCC is largest destination:
In its analysis of the GCC market, the report pointed out that the value of export to GCC member countries expanded by 18% in 2012 to a total of AED 136.7 billion, or 51% of the total value for the year. Major contributor to growth was Saudi Arabia, where the export value of AED 71.6 billion accounted for more than a fourth (27%) of the total value and 52% of the total export to the region. The value posted a year-on-year growth of 21%.
Exports to Qatar and Oman had actually expanded at higher rates of 26% and 35%, respectively. However, the respective values were much lower at AED 20.2 billion and AED 10.2 billion. Double-digit growths were also noted for exports to Kuwait at 17% to AED 17.2 billion; and to Bahrain 11% to AED 3.4 billion.
Meanwhile, trade between companies inside Dubai’s customs territory and those in the free zones and duty shops of the UAE narrowed by 4% to AED 13.7 billion, the report said.
Iraq is largest non-GCC export market:
Improving economic condition and rehabilitation of Iraq’s oil industry had pushed demands of the country to high level, making it the largest non-GCC export market of Dubai Chamber members. Value of export to the country rose by 354% to AED 41.7 billion, from a year ago value of only AED 9.2 billion.
Despite the downturn in export to Egypt during the brief period of unrest, demand immediately recovered and even expanded with the conflict resolution. This is reflected in the annual growth of 34% in Dubai Chamber members’ exports to the country, with the value increasing from AED 4.4 billion in 2011 to AED 5.9 billion in 2012.
Similarly, exports to Libya expanded considerably following the conflict resolution. Growing by 279%, exports to Libya reached a value of AED 4.2 billion in 2012. Other major markets that had expanded in 2011 were Turkey, with members’ export to the country rising by 111% to AED 1.9 billion; Ethiopia, by 56% to AED 2.4 billion; Jordan, by 28% to AED 5.2 billion; Yemen, by 22% to AED 3.9 billion; Algeria, by 10% to AED 2.2 billion; and Pakistan, by 2% to AED 3.2 billion.
On the other hand, exports to Lebanon likewise contracted by 17% to AED 1.9 billion; and to Sudan, by 3% to AED 1.7 billion.
H.E. Hamad Buamim, Director General, Dubai Chamber, stated that the Chamber members’ exports and re-exports in 2012 showed record growth thanks to their expansion into promising markets of the world. This also goes out to prove that the trade sector is once again the leading driver of Dubai’s economic engine while the emirate’s appeal to the global investors is on the rise as is the competitiveness of Dubai businesses in the global arena.
Members’ level of activities also high in 2012:
In 2012, no exports were made to 18 small markets where exports worth AED 16 million were shipped in 2011. However, value of exports to the 199 stable export markets increased by9%; thus, sustaining the growth of exports for the year.
Export to the 11 new small markets for the year was minimal at only about AED 4 million. These figures show that regular exporters tend to be trading with more export markets than the irregular exporters. The average number for the regular exporters further increased to 4.4 in 2012.
Compared to 2011, relatively more exporters in 2012 had exported goods valued at more than a million dirhams. They accounted for 48% of the total number of exporters during the year, while corresponding number in 2011 was only 43% of the total number of active exporters during the year. In terms of export value, exporters with at least AED 1 million export values in 2012 had total export of AED 266.4 billion, or 99% of the total for the year. Total export of the corresponding group in 2011 reached AED 243.9 billion, for the same share to the year’s total. Also, average number of markets exceeded 10 among exporters with at least AED 100 million export value during both years.