Dubai Chamber of Commerce members’ exports, re-exports grow 28.3% in May

The value of exports and re-exports of Dubai Chamber members grew 28.3 percent year-on-year (YoY) to reach Dh23.1 billion in May 2022, marking the highest level since August 2018.

Members’ exports and re-exports amounted to Dh104.3 billion between January and May 2022, achieving 15.8 per cent YoY growth when compared to the same period last year. Over 291,000 certificates of origin were issued by the chamber in the first five months of this year, recording a growth of 7.1 per cent year-on-year basis.

Abdul Aziz Al Ghurair, chairman of Dubai Chambers, said that growth in member exports reflects the positive impact of the Chamber’s successful approach to identifying growth opportunities in promising markets.

“Such efforts support the objectives of Dubai’s strategic plan to boost foreign trade by up to Dh2 trillion in five years, as earlier announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai,” he added.

Al Ghurair further stated that the Chamber’s smart services, market intelligence and network of international offices have enabled member companies to diversify export markets, streamline trade processes and make informed business decisions.

Hamad Buamim, president and CEO, Dubai Chambers, said the strong trade performance of member companies in the first five months of 2022 signals a rise in business confidence and Dubai’s growing economic competitiveness. He added that the latest figures reflect the agile nature of the emirate’s business community, which has been able to navigate new challenges and reposition for recovery in the post-pandemic period and beyond.

Chamber member exports and re-exports to GCC markets between January and May 2022 amounted to Dh55.5 billion, marking a 11.1 per cent YoY increase compared to the same period in 2021. Member exports and re-exports in May 2022 reached Dh12.6 billion, marking a 12.1 per cent increase compared to the previous month.

As per the chamber’s report, GCC countries accounted for 55 percent of the total exports and re-exports of the members in May 2022. Member exports and re-exports to the top 10 markets outside the GCC jumped 20.5 per cent to reach Dh31.5 billion YoY in the first five months of 2022.

In May alone, exports and re-exports of Chamber members in the same category recorded a growth of 16.3 per cent YoY to reach Dh6.6 billion.

— business@khaleejtimes.com