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Dubai exports increase 25% to Dh57bn |
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11/19/2008 9:44:03 AM |
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The value of exports and re-exports shipped by members of the Dubai Chamber of Trade and Industry in the third quarter of 2008 has totalled Dh56.6 billion.
This was 25 per cent higher than the Dh45.3bn registered during the same period in 2007. However the figure represented a 1.7 per cent decline from the Dh57.6bn recorded in the second quarter of the year.
Aref Obaid Al Muhairi, Director General of the Dubai Statistics Centre, said the year-on-year increase was the result of the support given to locally-manufactured products by the Dubai Government.
"This support contributes to the manufacture of products that are well-received in external markets," he said.
Saudi Arabia overtook Iran to become Dubai's largest export market. The value of deliveries to the kingdom in the quarter reached Dh12.3bn, equal to 21.7 per cent of the total.
"This is the result of the facilities extended by the kingdom to exports and re-exports from Dubai, which arise from the support given by GCC member-states to intra-trade exchange," said Al Muhairi.
Lebanon contributed most to the growth of the emirate's exports.
"Exports to Lebanon, a new market, amounted to Dh915 million during the third quarter. There are several bilateral trade cooperation agreements with Lebanon," he said.
The GCC countries accounted for the major share of total exports. Goods destined for delivery in the region grew by 6.8 per cent to Dh29.9bn quarter-on-quarter, equal to 52.8 per cent of total exports.
Despite a 2.9 per cent decline in exports to Qatar, the country remained the second largest destination in the GCC with the value of exports amounting to Dh5.8bn.
Exports to Kuwait increased by 13.9 per cent to Dh3.1bn, while exports to Oman grew by 23 per cent to Dh2.4bn.
Bahrain remained the smallest market in the GCC though exports there grew by 11.7 per cent to Dh1bn.
Trade between the UAE domestic market, its free zones and duty free shops reached Dh5.3bn, up 18.3 per cent on the previous quarter.
On the other hand, exports to Iran registered a double-digit decline of 15.4 per cent to Dh11.8bn, down by Dh2.2bn from Dh14bn in the second quarter.
Exports to other destinations declined from Dh7bn in the second quarter to Dh5.2bn in the third, a fall of 25.7 per cent.
Lebanon led the list of top growth contributors. Total exports there amounted to Dh915m, an increase of 114 per cent on the second quarter. Lebanon jumped from being the 19th biggest market in the second quarter to 12th in the third.
Exports to Oman increased by Dh454m, or 23.2 per cent, to Dh2.4bn, making the country the second largest contributor to Dubai's export growth.
Meanwhile exports to Egypt grew by 28 per cent.
In terms of growth rate Chad topped the list, up from Dh31m in the second quarter to Dh241m in the third – a six-fold jump. Chad moved up from being the 31st largest market to the 21st spot.
Other markets which contributed more than Dh100m to export growth during the quarter were Kuwait Libya, Jordan, Saudi Arabia, India and Bahrain.
In terms of rate of decline, exports to American Samoa posted the largest decline of Dh802m. This was mainly because exports to the market surged to an unprecedented heights in the previous quarter, but this was not sustained.
Other destinations where exports declined significantly included Algeria, the US, Yemen, Indonesia, Sudan and China. |
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Source: Business24-7.ae |
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