Dubai Chamber members' exports in first eight months of 2012 reach new record
- United Arab Emirates: Saturday, September 08 - 2012 at 11:17
- PRESS RELEASE
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 Dhs181bn for the period, according to the latest foreign trade report.
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 Dhs48.1bn, 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 Dhs13.5bn, Dhs11.5bn, Dhs7.1bn, and Dhs9.2bn. Also in the top largest markets were Egypt, India and Jordan, with respective export values of Dhs1.7bn, Dhs3.6bn, and Dhs3.4bn.
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 Dhs20.4bn, was recorded compared to a month earlier figure of Dhs24.4bn.
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 Dhs91.9bn, or 51% of the period's total. This was despite the 21% month-on-month decline recorded in August, to a value of Dhs10bn from a month earlier level of Dhs12.6bn.
Month-on-month comparisons showed declines in exports to all countries, with exports to Saudi Arabia contracting by 16% to a value of Dhs3.4bn, representing a decline of Dhs1bn. Exports to Qatar declined by Dhs300m to a total value of Dhs1.4bn; Kuwait, by Dhs372m to a total of Dhs1.2bn; the UAE, by Dhs144m to a total of Dhs1.1bn; Oman, by Dhs725m to a total of Dhs649m; and Bahrain, by Dhs26m to a total of Dhs277m.
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 Dhs3.4bn.
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 Dhs504m; Ethiopia, with Dhs262m; and Turkey, with Dhs182m. Declines were noted in all the other destinations in the list, largest of which were to Libya, declining by Dhs109m to a total value of Dhs237m; and in exports to Pakistan, which declined by Dhs101m, to a total value of Dhs209m.
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