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Exports Down but Stabilising, Says Dubai Chamber

The value of exports were however 10.2 per cent higher when compared with the same period of 2007, it said in a statement.

The number of export destinations also rose to 163 in November, from 161 in October, while the number of exporters reached 4,474.

Exports for the month of November stood at Dh15.4 billion, just 3 per cent lower than the Dh15.9 billion worth of goods shipped in October.

The Dubai Chamber also said the Eid Al Adha holidays affected exports in November.

“(The) Emirate is still a viable investment destination and retains its position of thriving hub in the region,” said Eng Hamad Buamim, Director General of Dubai Chamber.

He said that following the declines caused by the global economic crisis in the region; exports had begun to pick up in the second quarter and had remained stable, except during the summer when the combined impact of holidays and short working hours during the month of Ramadan temporarily depressed the momentum.

“Following a relatively strong performance in October, exports for November remained nearly comparative, signaling a relative stability of exports,” Buamim said, adding that the rise in the export destinations in November is also an indicator of the Emirate leaving behind the financial crisis and looking forward to better performance by its various economic sectors in the coming days.

ubai Chamber data showed that November exports remained highly concentrated on niche markets, with exports to the top 20 destinations accounting for 93 per cent of the total. The GCC region remained the largest export market for members of the Dubai Chamber, despite a 4 per cent month-on-month decline in total export value of Dh6.9 billion. Nonetheless, exports to the region continued to account for 45 per cent of the total.

Saudi Arabia continued to be the largest single market in the region, absorbing Dh3.3 billion, or 22 per cent of the total shipments. Exports to Qatar declined from Dh1.2 billion in October, to Dh1.0 billion in November. Exports to Kuwait went down to Dh790 million, again lower than the month ago level of Dh843 million. In contrast, exports to Oman and Bahrain increased to Dh453 million and Dh261 million, respectively.

Traders between the UAE’s customs territory and the free zones and duty free shops declined from 467 in October to 454 in November. Correspondingly, total value of trade went down from Dh1.3 billion to Dh1.1 billion. “With the Customs Union facilitating the movement of goods within the GCC, it is not surprising to note that the number of COs (certificate of origins) issued for goods destined within the region accounted for 63 per cent of the total number issued during November,” the statement said.

Exports to major markets outside the GCC posted a month-on-month decline of 3 per cent to Dh7.4 billion. Iran remained the single largest export destination as exports of 1,011 exporters to the country during the month slightly exceeded Dh4.5 billion, or 29 per cent of the total. With exports to the country generally dominated by heavy equipment and machineries, the average shipment value too was high, with the number of COs covering the exports to be only 4,743 or 10 per cent of total COs issued during the month.

Total export to India, which retained its position of the 6^th largest export market, for the month declined to Dh383 million. India was followed by Egypt, Yemen, Iraq and Libya. Of the top 20 markets in October, Spain and Ethiopia failed to enter the list in November. Instead, Switzerland and Tunisia entered the list.

ovais@khaleejtimes.com