(MENAFN - Emirates News Agency (WAM)) Value of exports of 11,110 of Dubai Chamber members to 210 destinations in 2012, based on a data of the Certificates of Origin (COs) issued during the year, reached a record high of AED 268 billion with a year-on-year growth of 9 per cent, revealed a recently-released Dubai Chamber of Commerce and Industry analysis.
According to the report, the value exceeded by 26 per cent to the pre-crisis level of AED 213 billion in 2008 while export/re-export value rose from only AED 23 billion in 1996 to more than 10 times the value in 2012.
In its analysis of the GCC market, the report pointed out that the value of export to GCC member countries expanded by 18 per cent in 2012 to a total of AED 136.7 billion, or 51 per cent of the total value for the year. Major contributor to growth was Saudi Arabia, where the export value of AED 71.6 billion accounted for more than a fourth (27 per cent) of the total value and 52 per cent of the total export to the region. The value posted a year-on-year growth of 21 per cent.
Exports to Qatar and Oman had actually expanded at higher rates of 26 per cent and 35 per cent, respectively. However, the respective values were much lower at AED 20.2 billion and AED 10.2 billion. Double-digit growths were also noted for exports to Kuwait at 17 per cent to AED 17.2 billion; and to Bahrain 11 per cent to AED 3.4 billion.
Meanwhile, trade between companies inside Dubai's customs territory and those in the free zones and duty shops of the UAE narrowed by 4 per cent to AED 13.7 billion, the report said.
Improving economic condition and rehabilitation of Iraq's oil industry had pushed demands of the country to high level, making it the largest non-GCC export market of Dubai Chamber members. Value of export to the country rose by 354 per cent to AED 41.7 billion, from a year ago value of only AED 9.2 billion.
Despite the downturn in export to Egypt during the brief period of unrest, demand immediately recovered and even expanded with the conflict resolution. This is reflected in the annual growth of 34 per cent in Dubai Chamber members' exports to the country, with the value increasing from AED 4.4 billion in 2011 to AED 5.9 billion in 2012.
Similarly, exports to Libya expanded considerably following the conflict resolution. Growing by 279 per cent, exports to Libya reached a value of AED 4.2 billion in 2012. Other major markets that had expanded in 2011 were Turkey, with members' export to the country rising by 111 per cent to AED 1.9 billion; Ethiopia, by 56 per cent to AED 2.4 billion; Jordan, by 28 per cent to AED 5.2 billion; Yemen, by 22 per cent to AED 3.9 billion; Algeria, by 10 per cent to AED 2.2 billion; and Pakistan, by 2 per cent to AED 3.2 billion.
On the other hand, exports to Lebanon likewise contracted by 17 per cent to AED 1.9 billion; and to Sudan, by 3 per cent to AED 1.7 billion.
Hamad Buamim, Director General, Dubai Chamber, stated that the Chamber members' exports and re-exports in 2012 showed record growth thanks to their expansion into promising markets of the world. This also goes out to prove that the trade sector is once again the leading driver of Dubai's economic engine while the emirate's appeal to the global investors is on the rise as is the competitiveness of Dubai businesses in the global arena.