Dubai exporters clock 21% growth
Total exports and re-exports at Dh19.3bn; GCC countries remain top destination
The total exports and re-exports of the members the Dubai Chamber of Commerce and Industry (DCCI) for October rose to Dh19.3 billion, recording an increase of 21 per cent over the corresponding figures in October 2009 and 13 per cent over the September 2010 exports of Dh17bn.
The value of exports in October 2010 is the second highest exports of the Chamber’s members after the figures of October 2008, which amounted to Dh24.7bn.
"The export figures of October 2010, which are the highest in the last two years, clearly indicates that the economy is getting closer to the pre-crisis era and augurs well for the future economic growth of the emirate as this upward trend will send a wave of confidence in the investors while reaffirming Dubai’s position of a sound investment destination,” said Hamad Buamim, Director General of DCCI, in a statement.
Exports of DCCI member to the GCC expanded by 13 cent to Dh9.1bn, higher by at least Dh1bn than the previous month’s Dh8bn. The region remained as the largest export market of the members, cornering a 47 per cent share of the total exports during the month, with COs (certificates of origin) issued to the shipments representing 64 per cent of the total number.
Saudi Arabia continued to be the largest export destination in the region, with export value reaching Dh4.4bn. Exports to Qatar surged by 47 per cent to get into second place, or one slot higher than its rank a month ago.
Total export to Kuwait posted an increase of 6 per cent, reaching Dh1bn. Although exports to Bahrain posted the highest growth of 152 per cent, the total exports of Dh595m remained lower than exports to other GCC countries, except for Oman. Exports to Oman narrowed by 4 per cent to Dh559m.
Movements of goods to and from the customs territories and the free zones and duty free shops of Dubai and the UAE slowed down by 17 per cent, to total value of Dh909m, pushing the UAE down from the second largest market in the GCC to the fourth place.
Exports to non-GCC major export markets expanded at slightly higher rate of 14 per cent, to reach total value of Dh8.9bn. Dominating the group was Iran, which remained the largest single export market of Dubai Chamber members.
Exports to Iran posted a strong 14 per cent growth, to Dh5.1bn, or 27 per cent of the total exports during the month. Although exports to Iraq, valued at Dh592m, actually represented a slight decline of 1 per cent, the country remained the second largest export destination outside the GCC. India remained in the third place, with export value of Dh501m, or 4 per cent higher than in the previous month.
Exports to Yemen expanded by 29 per cent to Dh423m, surging ahead than Pakistan and Egypt, exports to the latter having increased by only 8 per cent and 1 per cent respectively, to equivalent values of Dh400m and Dh372m. Other non-GCC major markets that posted double-digit growths were Jordan, which expanded by 27 per cent to Dh341m; Syria, by 50 per cent to Dh280m; Libya, by 74 per cent to Dh241m; Lebanon, by 24 per cent to Dh205m; and Ethiopia, by 15 per cent to Dh127m.
Sudan and Algeria remained in the top 20 destinations despite the respective declines of 1 per cent and 7 cent to values of Dh145m and Dh106m. As exports to Nigeria fell below Dh80m, Switzerland entered the list with export value of Dh80m.
Although exporters with export value of at least Dh10m numbered only 331, or only 7 per cent of the total number of exporters during the month, their total exports amounted to Dh15bn, or 78 per cent of the total. Compared to the previous month’s records, the group’s exports grew by 16 per cent. From only 26 in September, the number of exporters with export value of at least Dh100m increased to 36. Since the group’s average number of markets remained stable, the increase in exports could be attributed to the 65 per cent increased in the number of shipments to 9,611.
The same could be said of the other two groups of large exporters, though increases had not been as large. Exporters with export value of Dh50m to less than Dh100m increased in number from 37 to 46; and despite a lower average number of markets, total exports grew by 24 per cent to Dh1.2bn, for a share of 17 per cent to the total.
The group of exporters with the lowest export value (less than Dh500,000) likewise increased in number to 2,789. However, despite an increase of 2 per cent in their total exports to Dh382m, their share to the total declined to barely 2 per cent.
October has always been a busy month for exporters, the month signaling the end of summer and heralding the cooler period ahead. It is also the period for increasing stocks to meet the demands during the holidays and year-end celebrations. However, November and December exports are also expected to be high, sustained by the rising demand during the holidays and end of the year celebrations.
With economic recovery continuing all over the world, and especially in Asia and in developing and emerging markets, Dubai exports are looking up, said the statement