11% growth in Dubai Chamber members’ exports and re-exports in November 2014

Dubai: Clearly indicating an increasing pattern of monthly exports of Dubai traders, a recent Dubai Chamber of Commerce and Industry study revealed that exports and re-exports of its members during the month of November reached AED 23.2 billion showing a year-on-year growth of 11% compared to November 2013, and a monthly growth of 6% in comparison to October 2014 figures.

The study further revealed that the frequency of exporting activities increased by 10% with the number of Certificates Of Origin (COOs) issued during the month reaching 75,320 while the number of exporters during the month increased by 7% to 5,664 members from 5,310 members registered in October.

The GCC continues to be the largest export market The GCC was the largest export destination of members, with total export to the region reaching AED 14.8 billion, accounting for 64% of the total monthly exports thus registering a growth of 23% compared to November 2013, and 8% compared to October 2014.

Leading the growth was Saudi Arabia, the largest export destination of members. The total export to the country during the month reached AED 8.1 billion, or 35% of the total and representing substantial growths of 8% m-o-m and 20% y-o-y.

Meanwhile, exports to all other GCC countries too registered improvements during the month. Total exports to Qatar rose to AED 2.0 billion, or by 9% over the previous month’s AED 1.8 billion and by 21% over the previous year’s value. Total exports to Kuwait posted the highest m-o-m growth of 15% to reach AED 1.8 billion while the y-o-y growth was even higher at 36%.

Total exports to Bahrain during the month amounted to AED553 million with a monthly growth of 12% and annual growth of 29%. Total exports to Oman stood at AED 976 million with an annual growth rate of 57%.

Trade between companies in the UAE and those operating in the free zones/duty free shops recorded an annual growth of 6% at AED 1.4 billion.

The number of exporters to Qatar increased to 1,832 members, to Kuwait to 1,238 members; Bahrain to 1,054 members; and to Oman to 704 members while the ratio of Dubai Chamber members’ exports to GCC countries registered 54% with Qatar at 14%, Kuwait at 12, and Oman and Bahrain at 7% and 4%, respectively.

Exports to non-GCC major destinations In the distribution of exports of Dubai Chamber members to non-GCC major destinations, Egypt dominated the scene with AED 957 million and a y-o-y increase of 70% recorded. On the other hand, exports to Libya, India and Yemen registered m-o-m growths to respective values of AED 719 million, AED 588 million, and AED 507 million.

Exports of members to Iraq amounted to AED 906 million during November, 9% lower than the October value and 53% lower than November 2013 figures.

Contrastingly, exports to Jordan and Ethiopia at respective values of AED 387 million and AED 329 million, represented substantial m-o-m declines of 17%, and 14% while exports to Algeria, valued at AED 259 million posting a m-o-m improvement of 21%.

In its conclusion, the study pointed at the increases in exports to Libya, India and Yemen with percentage increases of 12%, 10% and 8% respectively and slowing down of exports to Egypt and Iraq by 15% during the month.

On the other hand, exports to Jordan and Ethiopia pulled down the countries’ shares to the group’s total to 6% and 5%. Despite the increase in exports to Algeria, the country’s share to the group’s total remained at 4%.

SOURCE: WAM