Dubai exports registered Dhs57bn in 3rd quarter of 2008

However, the figure represented a slight decline of about 1.7% from the 57.6 billion exports recorded in the second quarter of 2008.

Saudi Arabia is the largest export/re-export market:

Saudi Arabia overtook Iran to become Dubai's largest export/re-export destination. During the quarter, total value of export/re-export to Saudi Arabia reached Dhs12.3bn, or 21.7% of the total export.

The GCC countries accounted for the major share to total exports of Dubai Chamber members during the quarter. Goods destined to the region, with a total value of Dhs29.9bn, accounted for about half (52.8 %) of total exports, growing at quarter-on-quarter rate of 6.8%. Despite the 2.9% decline in exports to Qatar, the country remained as the second largest destination in the GCC, with value of exports reaching Dhs5.8bn. Exports to Kuwait grew by 13.9% to reach Dhs3.1bn, while exports to Oman increased steadily by 23%, to reach Dhs2.4bn, Bahrain remained to be the smallest market, despite the 11.7% growth of exports to a total value of Dhs1bn. Trade between the domestic market of the UAE, its free zones and duty free shops reached Dhs5.3bn, representing a growth of 18.3% for Q3-2008.

On the other hand, exports to Iran posted a double-digit quarter decline of 15.4% to a total value of Dhs11.8bn, down by more than Dhs2bn from a total value of Dhs14bn registered during the previous quarter.

Total export to other destinations decline from Dhs7bn in the second quarter to Dhs5.2bn in the third quarter, posting a quarter decline of 25.7%.

Exports to Lebanon and Oman post the largest quarter increases:

Exports to destinations that had posted quarter growth in Q3-08 contributed a total increase of Dhs4.8bn from their corresponding exports in Q2-08.

Leading the list of top growth contributors was Lebanon. Total export to Lebanon in Q3-08 amounted to Dhs915m, registering a quarter growth of 114% and contributing Dhs487m to the total increase in exports during the quarter, Lebanon had jumped from the 19th position in Q2-08 to be placed in the 12th for Q3-08. Posting a quarter increase of Dhs454m, Oman was the second largest contributor to export growth of Dubai in Q3-08, valued at Dhs2.4bn, representing quarter growth of 23.3%. Meanwhile export to Egypt posted a significant quarter growth of 28% remained the country similar to its positioning in Q2-08.

In terms of growth rate, Chad topped the list, growing from a total export value of only Dhs31m in Q2-08 to Dhs241m in Q3-08, for a growth of more than six folds. Consequently, from a rank of 31st largest markets in Q2-08, the destination jumped to rank 21st. Other markets which contributed more than Dhs100m to export growth during the quarter were Kuwait Libya, Jordan, Saudi Arabia, India and Bahrain.

Exports to Iran and American Samoa represent the largest quarter declines:

Major destination's that declined in Q3-08 contributed to a loss of Dhs5.8bn, to their corresponding export value in the previous quarter. Leading the list was Iran, with exports to the country representing a decline of Dhs2.2bn from the previous quarter value. In terms of rate of decline, however, export to American Samoa posted the largest decline of Dhs802m, it was mainly because exports to the market surged to an unprecedented heights in the previous quarter, but which was not sustained.

Other destinations that had significant contributions to the declines in exports in Q3-08 were Algeria, USA, Yemen, Indonesia, Sudan, Qatar and China.