The total exports and re-exports of Dubai Chamber of Commerce & Industry members for the month of May amounted to Dh17.5 billion, representing a four per cent month-on-month increase and an 18 per cent surge on a year-on-year basis, according to a study.
The study also indicated an increase in the number of certificates of origin issued to the chamber's members during the month that totalled 55,777 and translated into a significant seven per cent growth over the previous month's 52,143 certificates issued.
The month of May also noted an increase in the number of exporting members to 4,814 from the previous month's 4,645 members.
Exports within the GCC
During the month, Saudi Arabia continued to be the leading export market in the region, with export value reaching Dh4.1bn, up by six per cent from the previous month's Dh3.9bn.
However, with exports to other GCC destinations slowing down, total exports to the region amounting to Dh8.1bn was slightly lower that the level in the previous month. Exports to GCC destinations accounted for 46 per cent of the month's total exports.
Trade between companies in the free zones and customs territory of the UAE slowed down by nine per cent to reach a total of Dh1.2bn, while exports to Qatar also slowed down by four per cent to Dh1.1bn.
Exports to Kuwait and Oman registered a slight slowdown to Dh880 million and Dh483m, respectively, from respective totals of Dh962m and Dh490m. The largest decline of 20 per cent was noted for exports to Bahrain, sliding to Dh280m from April level of Dh553m.
Exports outside the GCC
Outside the GCC countries, the study indicated that the largest increase was noted for Iran, with exports to the country expanding by 23 per cent to post a total of Dh4.8bn, representing 27 per cent of the total exports during the month. The number of exporters to the country also rose to 1,088 or by 11 per cent.
Although India remained the second largest non-GCC destination, exports to the country declined by eight per cent to Dh515m. Nonetheless, the number of exporters to India and number of certificates issued rose by 17 per cent and 31 per cent, respectively, representing significant market expansion.
Egypt also registered expansion, with total exports increasing by six per cent to Dh472m and the number of exporters and certificates increasing by eight per cent and 15 per cent, respectively. Exports to Iraq and Libya contracted by 10 per cent and 16 per cent respectively.
Other destinations making up the list of 20 largest export destinations during the month were Yemen (Dh268m), Pakistan (Dh257m), Jordan (Dh238m), Syria (Dh214m), Lebanon (Dh192m), Sudan (Dh182m), Algeria (Dh143m), Bangladesh (Dh117m), and Ethiopia (Dh116m).