Dubai trades most with Saudi Arabia in GCC
Date
6/21/2016 3:04:21 AM
(MENAFN- Khaleej Times) Dubais trade among GCC countries is witnessing a higher pace of growth, according to a report by the Dubai Chamber of Commerce and Industry. Saudi Arabia accounted for 45 per cent of Dubais total trade within the region.
In 2011, Dubais trade with GCC countries recorded 20 per cent growth to Dh74 billion. It rose to 28 per cent in 2012 to Dh94.8 billion. Although growth slowed in 2013, it remained high at 20 per cent to Dh113.8 billion. The slowdown in growth became more defined in the following year, growing by only three per cent to Dh117.5 billion. However, it recorded eight per cent growth in 2015, with the total trade value reaching Dh126.6 billion.
Oman and Kuwait accounted for 19 per cent and 16 per cent respectively of Dubais trade in the region. While Qatars gross domestic product (GDP) at $210.1 billion is larger than that of Oman and Kuwait, at respective values of $81.8 billion and $163.6 billion, its share of trade with Dubai was lower at 12 per cent. Being the smallest economy, with GDP of $33.9 billion and population of 1.36 million, Bahrain accounted for the lowest share of eight per cent of Dubais trade in the region.
Hamad Buamim, president and CEO, Dubai Chamber, said: The report highlights Dubais leading status as the regional commercial hub with state-of-the art infrastructure and a world-class business environment. Dubais robust trade ties with GCC countries highlight its key role in enhancing business and trade activities in the region and beyond.
Dubais non-oil trade achieved growth of 18 per cent in 2011 to Dh1.06 trillion, 16 per cent in 2012 to Dh1.23 trillion and a decreased growth of eight per cent in 2013 to Dh1.33 trillion. The following years performance was the same at Dh1.33 trillion, while in 2015, it was Dh1.28 trillion.
Trade with all GCC countries in 2015 was favourable to Dubai, leading to a total net trade of Dh87 billion during the year. Highest net trade resulted from Saudi Arabia, for a share of 51 per cent of the total, while net trade with Oman contributed 18 per cent. Trade with Kuwait and Qatar both led to shares of 13 per cent to total net trade, while trade with Bahrain accounted for five per cent.
Mineral products dominated Dubais imports from GCC countries. The product groups total import value in 2015 of Dh10.5 billion accounted for 53 per cent of total imports from the region.
Meanwhile, Dubais exports of pearls, precious and semi-precious stones, metals and jewellery to the region reached Dh13.8 billion, or 51 per cent of the total export value. Machinery and electrical and electronic equipment and parts dominated re-exports, with the Dh46.7 billion re-export value accounting for 59 per cent of total re-exports to the region, the report said.
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