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Total Exports in 2009 Fell 16pc, Says DCCI

DUBAI - Dubai Chamber of Commerce & Industry said that the value of exports by its members surged to a record high in December 2009, but the total exports for 2009 fell by 16 per cent to Dh186.1 billion, compared to 2008.

The chamber said that the prevailing inflation ratio greatly affected the value of exports last year.

During December 2009, the value of exports jumped 23 per cent to Dh18.5 per cent, compared to the same period in 2008, the chamber said. The yearly total of 186.1 billion registered an 11 per cent increase in comparison to the same period in 2007 and 2008.

“The higher December export figures for Dubai are an indication of the positive outlook for 2010 as the export sector can look forward to a better trading year this time round,” Eng Hamad Buamim, Director General, Dubai Chamber, said.

The chamber members’ exports last month was the highest in the year, as the export market outperformed its own record of 2007, sending out a clear signal to investors that the export sector has almost recovered from the effects of the global financial downturn, Buamim said.

Buamim further stressed that the value of exports posting a strong month-on-month growth showcases Dubai’s resolve to turn things into its favour in the wake of adverse situations and to retain its position as a leading trading hub in the region.

Monthly export statistics for 2009 affirmed the rebound from the declines in the beginning of the year as the global economic crisis affected the region. Value of exports for the month posted a month-on-month growth of 20 per cent. Despite a slight decline in the number of total markets during the month to 159, the number of exporters increased to 4,538, the chamber said.

Largest Destination

The GCC countries continued to being the largest export market of the chamber’s members, expanding by 19 per cent from the previous month’s value and accounting for 45 per cent of the total. Saudi Arabia remained the largest single market in the region, maintaining an export level of Dh4.1 billion, or 23 per cent of the total. This was accompanied by an increase in the number of exporters to 1,330. The number of exporters to Qatar increased to 1,400, leading to an increase in export value to Dh1.1 billion.

Exports to major markets outside the GCC posted a month-on-month increase of 23 per cent to total value of Dh9.1 billion. Iran remained to be the single largest export destination of members. Exports of 1,034 exporters to the country for the month slightly exceeded Dh5.5 billion, or 30 per cent of the total.

Large Exporters

Although exporters with less than Dh500,000 export value during the month remained to constitute a majority, their number declined to 2,659 from 2,715 in the previous month, or to 59 per cent of the total number from 61 per cent. Nonetheless, total exports of the group increased to Dh382 million, from Dh366 million a month ago.

abdulbasit@khaleejtimes.com