Dubai Chamber members' October exports highest in two years
Total exports and re-exports for the month was Dh19.3bn or 21% higher than the corresponding figure a year ago
A Dubai Chamber of Commerce and Industry study released recently showed that the total exports and re-exports of its members for the month of October was Dh19.3bn, or 21 per cent higher than the corresponding figure a year ago and 13 per cent higher than the Dh17.0bn a month ago.
The study revealed that 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.
According to Hamad Buamim, Director-General, Dubai Chamber, the increasing movement of export and re-exports over the months is a strong indicator of the Emirate's returning to the basic export sector which is one of the driving forces behind Dubai's economic recovery in the post-crisis scenario.
Buamim said: "The export figures of October 2010, which are the highest in the last two years, clearly indicate 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." GCC remains the largest market Exports of Dubai Chamber members to the GCC expanded by 13 per centto Dh9.1bn, higher by at least a billion than the previous month's Dhs8.0bn. The region remained to be the largest export market of the members, cornering a 47 per cent share of the total exports during the month, with COs 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 Dhs4.4bn. Exports to Qatar surged by 47% to get into second place, or one slot higher than its rank a month ago.
Total export to Kuwait also posted an increase of 6%, reaching Dhs1.0bn. Although exports to Bahrain posted the highest growth of 152 per cent, the total exports of Dh595m remained to be lower than exports to other GCC countries, except for Oman. Exports to Oman narrowed by four per cent to Dh559m.
Likewise, 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 likewise expanded at slightly higher rate of 14 per cent, to reach total value of Dh8.9bn. Dominating the group was Iran, which remained to be the largest single export market of Dubai Chamber members. Exports to Iran posted a strong 14er cent growth, to Dh5.1bn, or 27 per cent of the total exports during the month.
Although exports to Iraq, valued at Dhs592m, actually represented a slight decline of one per cent, the country remained the second largest export destination outside the GCC. India remained in the third place, with export value of Dhs501m, or four per cent higher than in the previous month.
According to the study, exports to Yemen expanded by 29 per cent to Dh423m, surging ahead than Pakistan and Egypt, exports to the latter having increased by only eight per cent and one 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 centto Dh280m; Libya, by 74 per cent to Dh241m; Lebanon, by 24 per cent to Dh205m; and Ethiopia, by 15 per cent to Dh127m.
On the other hand, Sudan and Algeria remained in the top 20 destinations despite the respective declines of one per cent and seven per cent to values of Dh145m and Dh106m. As exports to Nigeria fell below Dh80m, Switzerland entered the list with export value of Dh80m.
The trend is towards exporting more Although exporters with export value of at least Dhs10m numbered only 331, or only seven per cent of the total number of exporters during the month, their total exports amounted to Dhs15bn, or 78 per cent of the total. In fact, 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.