(MENAFN- Khaleej Times) Dubai's trade sector continues to lead the economic growth of the emirate as the total exports and re-exports of Dubai Chamber's members hit a record Dh181 billion mark for the first eight months of the year.
The trade value of January to August period is the highest figure recorded for the period, surpassing the previous record of Dh104.4 billion in 2008, and demonstrates that Dubai's trade sector continues to prosper.
Saudi Arabia becomes the largest and busiest destination for Dubai exporters, but Qatar falls under most popular category.
Proximity and the easy movement of goods within the region made the GCC countries the busiest export destinations of Dubai Chamber's members during the period.
"These figures are extremely promising and show that Dubai's trade sector is continuing to lead economic growth," Dubai Chamber of Commerce and Industry director-general Hamad Buamim said in a statement.
Exports to Saudi Arabia during the first eight months of the year reached a total value of Dh48.1 billion, or 27 per cent of the overall total, making the kingdom the largest export market of members.
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, show a 12 per cent year-on-year increase.
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 Dh13.5 billion, Dh11.5 billion, Dh7.1 billion, and Dh9.2 billion.
Also in the top largest markets were Egypt, India and Jordan, with export values of Dh1.7 billion, Dh3.6 billion, and Dh3.4 billion respectively.
COs issued to export shipments to Saudi Arabia totalled 145,810, which is equivalent to 29 per cent of all COs issued during the period. In addition, COs covering export shipments to Qatar reached a total of 80,283, or 16 per cent, of the total number; to Kuwait, 46,853 or 9 per cent; to Oman, 31,222 or 6 per cent; to Bahrain, 23,338 or 5 per cent; and to the UAE, 23,236 or five per cent. 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 per cent 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 per cent.
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 per cent; Bahrain, 1,639 or 17 per cent; Oman, 1,571 or 16 per cent; and the UAE, 1,292 or 13 per cent. 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 GCC-member countries remained the largest export destinations for Dubai Chamber members. During the eight-month period, exports to the region reached a total value of Dh91.9 billion, or 51 per cent of the period's total. This was despite the 21 per cent month-on-month decline recorded in August, to a value of Dh10 billion from a month earlier level of Dh12.6 billion.
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. A month-on-month decline of 16 per cent, with a total export value of Dh20.4 billion, was recorded compared to a month earlier figure of Dh24.4 billion.
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