Chamber members' exports cross Dh76 billion in Q1

In addition, Dubai Chamber's active exporters in Q1-2015 reached 8,231, represented a three per cent increase over both Q4-2014 and Q1-2014.



By Staff Report

Published: Tue 14 Apr 2015, 11:55 PM

Last updated: Thu 25 Jun 2015, 11:43 PM

Dubai: Exports of Dubai Chamber of Commerce & Industry members in March reached an all-time high of Dh28.1 billion, pushing the total export value for the first quarter 2015 to Dh76.1 billion for the first time. The latest export data released by Dubai Chamber shows an eight per cent increase on the previous quarter’s (Q4 2014) value of Dh70.3 billion and a seven per cent rise from the Dh71.1 billion for the same quarter a year ago.

The number of Certificates of Origin issued by Dubai Chamber also increased to a total of 228,000, up by eight per cent from 221,000 during the same quarter last year.

In addition, Dubai Chamber’s active exporters in Q1-2015 reached 8,231, represented a three per cent increase over both Q4-2014 and Q1-2014.

The GCC has been the largest export market of Dubai Chamber members, with export to the region accounting for more than half of the total quarterly export. The region’s dominance has grown significantly in the recent years. The total exports to the region of Dh50.6 billion in Q1 2015 was equivalent to 67 per cent of the total export to all destinations during the period.

Compared to previous quarter’s exports to the region of Dh44.5 billion, a 14 per cent increase is noted. Year-on-year growth was even more significant at 19 per cent, from year ago value of Dh42.4 billion.Leading the growth was Saudi Arabia, the largest destination of members’ exports to the GCC. The total value of export to the country during Q1 2015 reached Dh28.9 billion, or 38 per cent of the total. This represents a year-on-year growth of 26 per cent from a year ago value of Dh22.9 billion; and a quarter-on-quarter growth of 20 per cent, from Q4-2014 value of Dh24.2 billion.

In general year-on-year improvements were noted in exports to all other GCC countries, with exports to Qatar rising by 13 per cent to Dh7.3 billion; to Kuwait, by 11 per cent to Dh5.3 billion; and to Oman and Bahrain by five per cent to respective figures of Dh2.9 billion and Dh1.9 billion. Compared to previous quarter’s export values, however, exports to Kuwait and Oman slowed down by two per cent and six per cent, respectively.

On the other hand, trade between companies in the customs territory of Dubai/UAE and those in the free zones/duty free shops and special areas of Dubai registered a year-on-year growth of 17 per cent to Dh4.3 billion, which was just about equal to the previous quarter’s value.

Total export to Iraq during the quarter reached Dh3.9 billion, higher by 22 per cent than the previous quarter’s record, though lower by 22 per cent, year-on-year. Egypt was the next largest non-GCC export destination, with the total Q1-2015 export to the country reaching a value of Dh2.6 billion. Year-on-year comparison showed a 15 per cent increase, though quarter-on-quarter decline of seven per cent was noted.

abdulbasit@khaleejtimes.com


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