Dubai Chamber members’ exports jump in Q1

Total value of exports and re-exports of Dubai Chamber’s members grew 6.5 per cent in the first quarter of 2021 to Dh54.8 billion, reflecting growing momentum and increased trade activity in Dubai.

A total of 166,759 certificates of origin were issued by the chamber in Q1 while March saw a high of 62,235 certificates, reflecting signs of a recovery of the trade sector and enhanced economic competitiveness.

In March alone, the members’ exports and re-exports increased by nearly 24 per cent to Dh22.1 billion in March 2021.

Dubai’s economy is on a decent recovery track as the latest Purchasing Managers’ Index (PMI) for the month of March released on Sunday showed improvement in non-oil sector. It rose from 50.9 in February to 50.0 in March.

Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, said the statistics reflect improving business conditions in Dubai and the positive impact of various stimulus packages and business-friendly measures, as well as an advanced logistics infrastructure and increased efforts to boost and diversify the emirate’s foreign trade.

Buamim noted that Dubai Chamber’s 11 international offices play a crucial role in expanding Dubai’s trade links with promising markets around the world, by identifiying bilateral business opportunities, promoting the emirate as a global business hub, and assisting foreign investors who are keen to enter the market.

Dubai Chamber said more than 6,000 new member companies joined Dubai Chamber in the first three months of 2021, growing by 38.6 per cent year-on-year.

In addition, 174,000 electronic transactions were processed in Q1 2021, while the number of ATA Carnets that were issued and received reached 965 over the same period, amounting to Dh1.4 billion.— waheedabbas@khaleejtimes.com