Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that the GCC was the top export and re-export market destination for its members globally during the first half of 2023.
Saudi Arabia was named as the top destination for members’ exports, with the total value recording year-over-year growth of more than 15% to reach AED 35 billion.
Members’ exports to Kuwait during H1 2023 were valued at AED12.8 billion, while exports to Qatar grew by 39.3% compared to the same period in 2022 to reach a value of AED 12.4 billion. Exports to Oman achieved year-over-year growth of 20% in the first half of 2023, amounting to AED 7.8 billion, while exports and re-exports to Egypt reached a total of AED 5.3 billion. Meanwhile, exports to Iraq soared to AED 4.7 billion, representing year-over-year growth of 95.8%.
Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, commented:
“The diversity of our members' export and re-export markets reflects their flexibility in responding to rapidly evolving global market conditions and is supported by our efforts to provide international investment opportunities.”
Lootah highlighted the vital role of Dubai International Chamber’s representative offices and the introduction of various commercial investment opportunities, which have been instrumental in increasing the value of members' exports and re-exports by 7% during the six-month period to reach a total of AED 137.6 billion.
“Dubai Chambers remains committed to achieving the goals of the Dubai Economic Agenda and accelerating sustainable economic development. We are keen to enhance access to new markets for the emirate's business community to meet our strategic targets, serve the interests of the private sector, and further boost the competitiveness of Dubai’s dynamic business environment.”
According to data from Dubai Chamber of Commerce, high rates of growth in the value of members’ exports and re-exports during H1 2023 were recorded for countries in various regions across the globe. Key growth markets included Estonia, Latvia, Eswatini, Suriname, Zambia, Nicaragua, Djibouti, Georgia, Kazakhstan, Lithuania, Panama, Peru, and Portugal.
Exports and re-exports of chamber members to specific regions also witnessed significant increases during H1 2023. The Southern Africa region topped the list, recording year-over-year growth of 81% to reach a total value of AED 477.2 million – up from AED 264 million in H1 2022.
Central Asia recorded the second-highest growth rate at 66%, with a total of AED 1.2 billion in exports and re-exports during H1 2023 – up from AED 708.3 million during the same period last year. Eastern Europe was third, with an increase of 63% and a total value of AED 717.1 million, up from AED 440.9 million in H1 2022.
Northern Europe achieved a growth rate of 60% to reach AED 517.4 million, up from AED 323.6 million during H1 2022. East Africa recorded the fifth-highest increase, with the value of its members' exports and re-exports achieving year-over-year growth of 60% to reach AED 4.9 billion in H1 2023, up from AED 3.1 billion during the first six months of 2022.
News Source: Dubai Media Office