6.56 PM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

DCCI members' trade outflow up 9%

Published
By Staff

The monthly exports and re-exports of Dubai Chamber of Commerce and Industry  (DCCI) members posted a month-on-month increase of nine per cent to reach a total value of Dh23.9 billion, up from previous month’s Dh21.8 billion, according to a latest study released by the Chamber.

The GCC once again formed the largest destination for members as their exports and re-exports to the region accounted for 58 per cent of the total, reaching a value of Dh13.7 billion as Saudi Arabia accounted for 49 per cent with a value of Dh6.8 billion involving 38 per cent of the total number of exporters during the month numbering 5,518. Exports and re-exports to Iraq totalled Dh1.8 billion.

Meanwhile, the year-on-year comparison shows an increasing trend in exports of members from 2009 to 2013, with the Dh14.3 billion in February 2009 rising to Dh24.1 billion in the same month in 2013.  The same growth pattern was also noted in the number of COs, increasing from 45,000 to 64,000 during the same period.
 
GCC largest export market

The largest chunk of the members’ exports was to the region because of the close proximity to the region. During the month of February, exports to the region amounted to 58 per cent of the total, reaching a value of Dh13.7 billion and although the value posted a month-on-month increase of seven per cent it was four per cent lower of the value recorded in February 2013.

Saudi Arabia, with total export to the country reaching Dh6.8 billion during the month, or 28 per cent of the overall world total was the largest export destination. On the other hand, export to Qatar showed impressive month-on-month growth of 62 per cent to Dh2.9 billion, strengthening the country’s rank as second largest export market of members. The value, however, remained significantly lower than the year ago value of Dh4 billion.

The February exports of members to Kuwait, at Dh1.5 billion, translated to a month-on-month growth of four per cent from its month ago value of Dh1.4 billion; and a year-on-year growth of 3 per cent from year ago value of Dh1.5 billion.

Bahrain was the smallest export market of members in the region, it remained as a major export market for members, ranking 11th overall, with total export to the country in February reaching Dh547 million. In terms of growth, however, the value translated to a year-on-year growth of 36 per cent and a month-on-month growth of five per cent.

Trading activities between companies in the UAE’s free zones and duty free shops and those in the domestic economy showed significant improvements. The February value of Dh1.2 billion represented m-o-m growth of 11 per cent from previous month’s Dh1.1 billion, and y-o-y growth of 21 per cent from year ago value of Dh1 billion.
 
Export to non-GCC destinations

The study added that exports and re-exports to Iraq in February the February valued at Dh1.8 billion with a month-on-month increase of 7 per cent compared to January 2014, but down by 46 per cent compared with February 2013.

The most impressive performance during the month could be noted for exports to Turkey. Valued at Dh1.2 billion, it represented growths of 574 per cent, month-on-month; and 800 per cent, year-on-year.

Other non-GCC destinations that achieved significant growth was Pakistan with Dh410 million and 237 per cent, annual growth rate; Egypt, with export value of Dh697 million; Yemen, Dh562 million; Libya, Dh520 million; India, Dh406 million; and Jordan, 353 million.

The relative contributions of export to each of the major destinations in the GCC region included 49 per cent of exports to Saudi Arabia, while 21 per cent were to Qatar; 11 per cent, to Kuwait, nine per cent to UAE, Oman 6 per cent and four per cent to Bahrain.

The distribution of exports to non-GCC major destinations was less concentrated on a single country, with exports to Iraq, accounting for 23 per cent while other destinations were as follows: Turkey, 15 per cent; Egypt, 9 per cent; Yemen and Libya, 7 per cent each; Pakistan and India, 6 per cent each; and Jordan, 4 per cent.