Posted on: Sunday 9 September, 2012 8:30
|Saudi Arabia largest trade partner of Dubai
Exports and re-exports of Dubai Chamber of Commerce and Industry members during the first eight months of the year have hit a new record reaching AED181 billion for the period, surpassing the previous record of AED104.4 billion in 2008, the latest foreign trade report released Saturday said.
The figures, based on the declared value of shipments in certificates of origin (COs) issued to a total of 9,929 members between January and August, showed an increase of 12 percent year-on-year.
Hamad Buamim, Director General, Dubai Chamber, said “these figures are extremely promising and show that Dubai’s trade sector is continuing to lead economic growth.”
Exports to Saudi Arabia during the first eight months of the year reached a total value of AED48.1 billion, or 27 percent of the overall total, making the kingdom the largest export market of members.
The level of exports of Dubai Chamber members to Qatar, Kuwait and Oman, and the trade between Dubai’s domestic market and the free zones and duty-free shops, made the four GCC countries the next largest markets, with respective export values of AED13.5 billion, AED11.5 billion, AED7.1 billion, and AED9.2 billion. Also in the top largest markets were Egypt, India and Jordan, with respective export values of AED1.7 billion, AED3.6 billion, and AED3.4 billion.
Proximity and the easy movement of goods within the region made GCC countries the busiest export destinations of Dubai Chamber’s members during the period.
COs issued to export shipments to Saudi Arabia totaled 145,810, which is equivalent to 29 percent of all COs issued during the period. In addition, COs covering export shipments to Qatar reached a total of 80,283, or 16 percent, of the total number; to Kuwait, 46,853 or 9 percent; to Oman, 31,222 or 6 percent; to Bahrain, 23,338 or 5 percent; and to the UAE, 23,236 or 5 percent. The number of COs to non-GCC countries included Egypt with 12,974; Jordan with 12,701; and Iraq with 11,947.
Qatar upstaged Saudi Arabia in terms of the number of Dubai Chamber members exporting to the country.
During the eight-month period, 3,865 members exported to the country, or 39 percent of the total 9,929 exporters during the period. The number of exporters to Saudi Arabia was only 83 less at 3,782, or 38 percent.
All the other GCC member countries were in the top 10 countries with the highest number of exporters. Exports to Kuwait numbered 2,602 or 26 percent; Bahrain, 1,639 or 17 percent; Oman, 1,571 or 16 percent; and the UAE, 1,292 or 13 percent. Non-GCC member countries with a high number of exporters were Iraq, with 1,171 exporters; Jordan, with 1,131; and Egypt, with 1,079.
The combined impact of summer and the holy month of Ramadan on trading activities and consumer demand in the region pushed down the level of exports of Dubai Chamber members in August.