Dubai Chamber of Commerce, one of three chambers operating under Dubai Chambers, announced that the value of member exports and re-exports grew 28.3% year-on-year (YoY) to reach AED23.1 billion in May 2022, marking the highest level since August 2018.
Member exports and re-exports amounted to AED104.3 billion between January and May 2022, achieving 15.8% YoY growth when compared to the same period last year. Over 291,000 certificates of origin were issued by the Chamber in the first five months of this year, recording a growth of 7.1% YoY.
His Excellency Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, said,
Growth in member exports reflects the positive impact of the Chamber’s successful approach to identifying growth opportunities in promising markets. Such efforts support the objectives of Dubai’s strategic plan to boost foreign trade by up to AED2 trillion in five years, as earlier announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Al Ghurair added that the Chamber’s smart services, market intelligence and network of international offices have enabled member companies to diversify export markets, streamline trade processes and make informed business decisions.
His Excellency Hamad Buamim, President & CEO, Dubai Chambers, said,
The strong trade performance of member companies in the first five months of 2022 signals a rise in business confidence and Dubai’s growing economic competitiveness. He added that the latest figures reflect the agile nature of the emirate’s business community, which has been able to navigate new challenges and reposition for recovery in the post-pandemic period and beyond.
Chamber member exports and re-exports to GCC markets between January and May 2022 amounted to AED55.5 billion, marking a 11.1% YoY increase compared to the same period in 2021. Member exports and re-exports in May 2022 reached AED 12.6 billion, marking a 12.1% increase compared to the previous month.
As per the Chamber’s report, GCC countries accounted for 55% of the total exports and re-exports of the members in May 2022. Member exports and re-exports to the top 10 markets outside the GCC jumped 20.5% to reach AED31.5 billion YoY in the first five months of 2022.
In May alone, exports and re-exports of Chamber members in the same category recorded a growth of 16.3% YoY to reach AED6.6 billion.
News Source: Dubai Media Office
