Monthly exports of Dubai Chamber members continued the increasing pattern with total exports in March 2014 reaching Dhs25.5bn, higher by 7% than Dhs23.9bn recorded in the month of February with a y-o-y increase of 5% compared to March 2013, according to a latest study released by the Chamber.
The GCC was the largest export destination of members, with total export to the region reaching Dhs15.8bn, with Saudi Arabia taking 57% of the total GCC export carried out by 37% of the total number of exporters during the month amounting to 5,683.
Meanwhile, the year-on-year comparison of member’s exports in the month or March 2014 with the same month in 2013 showed a growth pattern of 5%, to Dhs24.3bn in 2013 and to Dhs25.5bn in 2014 while an increasing growth pattern was noted in the number of COs, increasing from 69,000 to 78,000 during the same period.
The GCC is the largest export market
The study showed that the GCC is the largest export market of Dubai Chamber members, with export to the region accounting for more than half of the total monthly export. In March 2014, the total export of Dhs15.8bn to the region was equivalent to 62% of the total export during the month. M-o-m growth was also high at 15%, in comparison to the y-o-y growth of 14%, totalling Dhs13.9bn.
The impressive growth of total export to GCC during the month could be attributed mainly on the m-o-m surge of 33% in export to Saudi Arabia, as the total export to the country reached Dhs9bn during the month clocking 35% of the overall global exports, while y-o-y growth was also highly positive at 16% compared to March 2013, which stood at Dhs7.8bn
Kuwait was second to Saudi Arabia, with export to the country of Dhs1.8bn representing growth of 23%, m-o-m; and 10%, y-o-y. Meanwhile, export to Qatar declined to Dhs1.8 for a significant m-o-m drop of 37% from previous month’s Dhs2.9bn. Y-o-y growth was also down at -6%, from year ago value of Dhs1.9bn. Although at lower values of Dhs1.1bn and Dhs721m, respectively, exports of members to Oman and Bahrain posted corres-ponding significant m-o-m growths of 33% and 32%, and y-o-y growths of 11% and 64%. Trading activities between companies in the UAE’s free zones and duty free shops and those in the domestic economy showed significant improvements. The value of Dhs1.4bn represented m-o-m growth of 13% from previous month’s Dhs1.2bn, and y-o-y growth of 28% from year ago value of Dhs1.1bn.
Export to non-GCC major destinations
Export to non-GCC major destinations totaled to Dhs7.0bn, or 27% of the overall total for the month. Although m-o-m growth was positive at 5%, from previous month’s Dhs6.6bn; y-o-y decline of 4% was recorded, from year ago value of Dhs7.2bn.
The study added that the exports of members to Iraq in March was Dhs1.6bn representing a m-o-m drop of 8% and a y-o-y decline of 37%. On the other hand, largest increase was registered for Algeria, with the Dhs462m export to the country posting a m-o-m growth of 98%.
Export to Egypt rose by a m-o-m growth of 28% to Dhs879m while exports and re-exports of members to Yemen declined by 11% with the export value of Dhs498m representing a m-o-m.
Also in the GCC region, more than half (57%) of exports of members were destined to Saudi Arabia, while 12% were shipped to Kuwait; and 11%, to Qatar. Trade between the domestic economy of Dubai and the free zones and duty free shops contributed 9% to total exports to GCC, while contributions of exports to Oman and Bahrain accounted for 7% and 4%, respectively.
The study concluded that the distribution of exports to non-GCC major destinations was less concentrated on a single country, with exports to Iraq accounting for 23%; and Egypt, 13%. The remaining 36% were distributed to the other destinations as follows: Libya, 8%, Yemen and Algeria, 7% each; India, 6%; Jordan, 5% and Ethiopia, 3%.
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Ruba Abdel Halim
Manager, Public Relations & Corporate Communications
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