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Dubai exports up 3pc to hit Dh18 billion in June

DUBAI - Exports by members of the Dubai Chamber of Commerce and Industry reached Dh18 billion in June, a three per cent surge compared to the previous month.

Underscoring a steady upturn in foreign trade, there was a growth in the number of Dubai exporters as well as in the certificates of origin issued by the Dubai Chamber. The number of exporters rose to 4,863 and certificates of origin increased to 57,306 in June. Dubai’s total exports in May were valued at Dh17.5 billion, a Dubai Chamber study said.

However, on an year-on-year basis, the growth was six per cent. In June 2009, the value of exports was Dh16.94 billion.

Hamad Buamim, Director General of the Dubai Chamber, said the upturn in exports underlined the strong resurgence of Dubai’s export and re-export trade, which is one of the real driving forces behind its economic recovery.

“This is the second month in the first-half of 2010 when the value of exports and re-exports of Dubai Chamber members has exceeded the Dh18 billion mark, which is a good sign and an indicator of better export figures in the coming months.”

The GCC continued to be a major export market for Dubai Chamber members. Led by Saudi Arabia and Qatar, the GCC regained its growth momentum as export markets of Dubai, posting an aggregate month-on-month increase of five per cent to Dh8.5 billion.

Exports to Saudi Arabia grew by five per cent to Dh4.4 billion, while exports to Qatar surged 12 per cent to Dh1.2 billion. Exports to Oman remained much lower at Dh566 million, representing a 17 per cent growth. Exports to Kuwait remained relatively stable at Dh883 million, while exports to Bahrain continued to decline to Dh258 million, or by eight per cent from the previous month’s value. Bahrain, ranked 12^th in Dubai exports, is the only GCC country not in the top 10 export destinations.

Trade between companies in the free zones and in the customs territory of the UAE also recovered from a nine per cent decline in the previous month, while posting a four per cent month-on-month growth to a total value of Dh1.2 billion.

Exports to Iran, which remained a top non-GCC destination, posted a nine per cent decline to Dh4.7 billion. “Nonetheless, the country remained the largest single destination of chamber members’ exports in June,” the Dubai Chamber study said.

In 2009, Dubai recorded Dh754 billion worth of total non-oil foreign trade, according to the Dubai External Trade Statistics.

But data released in April by the Dubai Statistics Centre, which discusses Dubai’s foreign trade in 2009 in detail, showed that Dubai’s direct foreign trade amounted to Dh488.5 billion in 2009, a decline of 20.3 per cent, compared to 2008, which amounted to Dh612.7 billion.

Imports contributed 65.2 per cent of total direct foreign trade, while 10.7 per cent were exports and 24.1 per cent were re-exports. Dubai’s imports were valued at Dh318.5 billion in 2009, a 27.9 per cent drop compared to 2008. In 2009, India was Dubai’s top import partner, having overtaken China.

Dubai External Trade Statistics showed that India remained the top trading partner of the emirate in three segments — imports, exports and re-exports — with a total value of Dh176.29 billion.

issacjohn@khaleejtimes.com