Exports and re-exports of Dubai Chamber of Commerce and Industry members during the first eight months of the year have hit a new record reaching AED 181 billion for the period, according to the latest foreign trade report.
This is the highest figure recorded for the period, surpassing the previous record of AED 104.4 billion in 2008, and demonstrates that Dubai’s trade sector continues to prosper.
The figures, based on the declared value of shipments in certificates of origin (COs) issued to a total of 9,929 members between January and August, show an increase of 12% year-on-year.
H.E. Hamad Buamim, Director General, Dubai Chamber, said: “These figures are extremely promising and show that Dubai’s trade sector is continuing to lead economic growth.”
Saudi Arabia is the largest and busiest destination, but Qatar most popular
Exports to Saudi Arabia during the first eight months of the year reached a total value of AED 48.1 billion, or 27% of the overall total, making the kingdom the largest export market of members.
The level of exports of Dubai Chamber members to Qatar, Kuwait and Oman, and the trade between Dubai’s domestic market and the free zones and duty-free shops, made the four GCC countries the next largest markets, with respective export values of AED 13.5 billion, AED 11.5 billion, AED 7.1 billion, and AED 9.2 billion. Also in the top largest markets were Egypt, India and Jordan, with respective export values of AED 1.7 billion, AED 3.6 billion, and AED 3.4 billion.
Proximity and the easy movement of goods within the region made GCC countries the busiest export destinations of Dubai Chamber’s members during the period.
COs issued to export shipments to Saudi Arabia totalled 145,810, which is equivalent to 29% of all COs issued during the period. In addition, COs covering export shipments to Qatar reached a total of 80,283, or 16%, of the total number; to Kuwait, 46,853 or 9%; to Oman, 31,222 or 6%; to Bahrain, 23,338 or 5%; and to the UAE, 23,236 or 5%. The number of COs to non-GCC countries included Egypt with 12,974; Jordan with 12,701; and Iraq with 11,947.
Qatar upstaged Saudi Arabia in terms of the number of Dubai Chamber members exporting to the country. During the eight-month period, 3,865 members exported to the country, or 39% of the total 9,929 exporters during the period. The number of exporters to Saudi Arabia was only 83 less at 3,782, or 38%.
All the other GCC member countries were in the top 10 countries with the highest number of exporters. Exports to Kuwait numbered 2,602 or 26%; Bahrain, 1,639 or 17%; Oman, 1,571 or 16%; and the UAE, 1,292 or 13%. Non-GCC member countries with a high number of exporters were Iraq, with 1,171 exporters; Jordan, with 1,131; and Egypt, with 1,079.
Month-month declines recorded in August
The combined impact of summer and the holy month of Ramadan on trading activities and consumer demand in the region pushed down the level of exports of Dubai Chamber members in August. A month-on-month decline of 16%, with a total export value of AED 20.4 billion, was recorded compared to a month earlier figure of AED 24.4 billion.
GCC-member countries remained the largest export destinations for Dubai Chamber members.
During the eight-month period, exports to the region reached a total value of AED 91.9 billon, or 51% of the period’s total. This was despite the 21% month-on-month decline recorded in August, to a value of AED 10 billion from a month earlier level of AED 12.6 billion.
Month-on-month comparisons showed declines in exports to all countries, with exports to Saudi Arabia contracting by 16% to a value of AED 3.4 billion, representing a decline of AED 1 billion. Exports to Qatar declined by AED 300 million to a total value of AED 1.4 billion; Kuwait, by AED 372 million to a total of AED 1.2 billion; the UAE, by AED 144 million to a total of AED 1.1 billion; Oman, by AED 725 million to a total of AED 649 million; and Bahrain, by AED 26 million to a total of AED 277 million.
Despite the month-on-month decline of 21% in exports to Iraq in August, the country remained the members’ largest export market outside the GCC, with a total export value of AED 3.4 billion.
Aside from Turkey, other major export destinations were in the MENA region and South Asia. Increases were noted in Egypt, with a total value of AED 504 million; Ethiopia, with AED 262 million; and Turkey, with AED 182 million. Declines were noted in all the other destinations in the list, largest of which were to Libya, declining by AED 109 million to a total value of AED 237 million; and in exports to Pakistan, which declined by AED 101 million, to a total value of AED 209 million.