Saudi Arabia tops Dubai Chamber exports

The cumulative eight-month total exports and re-exports of Dubai Chamber of Commerce and Industry members increased by 5 per cent reaching the highest value of Dh189.3 billion in 2013, according to a latest study released by the Chamber.

This is the highest figure recorded for the period, surpassing the previous record of Dh181 billion in 2012, which clearly demonstrates that Dubai’s trade sector continues to prosper. Meanwhile, the value of the members’ exports and re-exports in August was Dh20.5 billion.

GCC the largest export market

The popularity of the GCC countries as export destinations grew further in 2013, with the eight-month total export to the region aggregating 58 per cent and registering an 18 per cent growth to reach Dh109 billion. Leading the group was Saudi Arabia acquiring 54 per cent of the members’ total exports and re-exports to the GCC with the value of Dh58.7 billion, or 31 per cent of the period’s total exports and re-exports around the world.

Saudi Arabia’s dominance as export destination of members was followed by Qatar with a share of 16 per cent; Kuwait, 12 per cent; UAE, 9 per cent, Oman, 6 per cent and Bahrain, 3 per cent.

According to the study, Qatar was second largest export destination with a significant y-o-y increase of 30 per cent reaching Dh17.6 billion and pushing the country’s share to 9 per cent of the total export and re-exports during the period while Kuwait was the 3rd largest export market of members, with total eight-month export of Dh12.9 billion, for a y-o-y growth of 12 per cent while the number of certificates of origin (COs) issued for exports to the country increased by 9 per cent compared to the same period last year.

Also, during the first eight months of 2013, 168,065 COs were issued for shipments to Saudi Arabia which is equivalent to 30 per cent of the total number of certificates issued during the period while the total number of COs issued for the members for shipment to Qatar was 80,797 certificates.

Although Bahrain remained as the smallest export market in the region, it was the fastest growing. The y-o-y growth of 46 per cent pushed the total value to Dh3.6 billion. Similarly, the number of COs issued to exports to the country increased by 62 per cent to 37,908. Trade between the free zones and duty free shops in the UAE and the customs territory of Dubai inched up by 2 per cent to Dh9.3 billion while the number of COs issued rose by 10 per cent y-o-y to 25,486 certificates.

Hamad Buamim, Director General, Dubai Chamber, stated that once again, Dubai’s trade sector continues to lead the economic growth of the emirate as these figures are testimony to the unsurpassed role played by the sector in supporting other sectors. Also, the Chamber’s efforts in opening up representative offices and its exploring of emerging markets for its members are also behind the upbeat performance of the trade sector in the emirate.

Other major markets

The study further revealed that Iraq emerged as the largest non-GCC export destination taking away 39 per cent share of major exports outside of the GCC, exports to the country continued to decline to an eight-month total of Dh23.9 billion, representing a y-o-y decline of 12 per cent in comparison to the same period last year.

The political upheavals in Egypt had not shown significant deterring impact on exports to the country as members’ export to Egypt during the eight-month period posted a y-o-y increase of 43 per cent, to Dh5.3 billion. Likewise, the number of COs rose by 26 per cent, to 16,286 COs.

Other destinations that recorded y-o-y expansion were Libya, by 33 per cent to Dh3.9 billion; Yemen, by 58 per cent to Dh3.8 billion; Jordan, by 5 per cent to Dh3.5 billion; and Algeria, by 27 per cent to Dh1.8 billion. On the other hand, exports to India and Pakistan narrowed at the respective rates of 18 per cent, and 36 per cent, to corresponding values of Dh3.0 billion and Dh1.6 billion respectively.

The study concluded by stating that the absence of regular exporters during the month of August brought down the number to 2,273, or 22 per cent of the total numbers of exporters during the period. Nonetheless, their combined export value was Dh150.5 billion which was equivalent to 80 per cent of the overall total of exports and re-exports of Dubai Chamber members.

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