Clearly indicating an increasing pattern of monthly exports of Dubai traders, a recent Dubai Chamber of Commerce and Industry study revealed that exports and re-exports of its members during the month of November reached Dhs23.2bn showing a year-on-year growth of 11 per cent compared to November 2013, and a monthly growth of 6 per cent in comparison to October 2014 figures.
The study further revealed that the frequency of exporting activities increased by 10 per cent with the number of Certificates Of Origin (COOs) issued during the month reaching 75,320 while the number of exporters during the month increased by 7 per cent to 5,664 members from 5,310 members registered in October.
The GCC continues to be the largest export market
The GCC was the largest export destination of members, with total export to the region reaching Dhs14.8bn, accounting for 64 per cent of the total monthly exports thus registering a growth of 23 per cent compared to November 2013, and 8 per cent compared to October 2014.
Leading the growth was Saudi Arabia, the largest export destination of members. The total export to the country during the month reached Dhs8.1bn, or 35 per cent of the total and representing substantial growths of 8 per cent m-o-m and 20 per cent y-o-y.
Meanwhile, exports to all other GCC countries too registered improvements during the month. Total exports to Qatar rose to Dhs2.0bn, or by 9 per cent over the previous month’s Dhs1.8bn and by 21 per cent over the previous year’s value. Total exports to Kuwait posted the highest m-o-m growth of 15 per cent to reach Dhs1.8bn while the y-o-y growth was even higher at 36 per cent.
Total exports to Bahrain during the month amounted to AED553m with a monthly growth of 12 per cent and annual growth of 29 per cent. Total exports to Oman stood at Dhs976m with an annual growth rate of 57 per cent. Trade between companies in the UAE and those operating in the free zones/duty free shops recorded an annual growth of 6 per cent at Dhs1.4bn.
The number of exporters to Qatar increased to 1,832 members, to Kuwait to 1,238 members; Bahrain to 1,054 members; and to Oman to 704 members while the ratio of Dubai Chamber members’ exports to GCC countries registered 54 per cent with Qatar at 14 per cent, Kuwait at 12, and Oman and Bahrain at 7 per cent and 4 per cent, respectively.
Exports to non-GCC major destinations
In the distribution of exports of Dubai Chamber members to non-GCC major destinations, Egypt dominated the scene with Dhs957m and a y-o-y increase of 70 per cent recorded. On the other hand, exports to Libya, India and Yemen registered m-o-m growths to respective values of Dhs719m, Dhs588m, and Dhs507m.
Exports of members to Iraq amounted to Dhs906m during November, 9 per cent lower than the October value and 53 per cent lower than November 2013 figures. Contrastingly, exports to Jordan and Ethiopia at respective values of Dhs387m and Dhs329m, represented substantial m-o-m declines of 17 per cent, and 14 per cent while exports to Algeria, valued at Dhs259m posting a m-o-m improvement of 21 per cent.
In its conclusion, the study pointed at the increases in exports to Libya, India and Yemen with percentage increases of 12 per cent, 10 per cent and 8 per cent respectively and slowing down of exports to Egypt and Iraq by 15 per cent during the month. On the other hand, exports to Jordan and Ethiopia pulled down the countries’ shares to the group’s total to 6 per cent and 5 per cent. Despite the increase in exports to Algeria, the country’s share to the group’s total remained at 4 per cent.