GCC is top export and re-export market for Dubai firms in H1 2023

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that the GCC was the top export and re-export market destination for its members globally during the first half of 2023.

Saudi Arabia was named the top destination for members’ exports, with the total value recording year-over-year growth of more than 15% to reach Dhs35 billion.

Members’ exports to Kuwait during H1 2023 were valued at Dhs12.8 billion, while exports to Qatar grew by 39.3% compared to the same period in 2022 to reach a value of Dhs12.4 billion. Exports to Oman achieved year-over-year growth of 20% in the first half of 2023, amounting to Dhs7.8 billion, while exports and re-exports to Egypt reached a total of Dhs5.3 billion.

Meanwhile, exports to Iraq soared to Dhs4.7 billion, representing year-over-year growth of 95.8%.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “The diversity of our members’ export and re-export markets reflects their flexibility in responding to rapidly evolving global market conditions and is supported by our efforts to provide international investment opportunities.” Lootah highlighted the vital role of Dubai International Chamber’s representative offices and the introduction of various commercial investment opportunities, which have been instrumental in increasing the value of members’ exports and re-exports by 7% during the six months to reach a total of Dhs137.6 billion.

According to data from the Dubai Chamber of Commerce, high rates of growth in the value of members’ exports and re-exports during H1 2023 were recorded for countries in various regions across the globe. Key growth markets included Estonia, Latvia, Eswatini, Suriname, Zambia, Nicaragua, Djibouti, Georgia, Kazakhstan, Lithuania, Panama, Peru, and Portugal.

Exports and re-exports of chamber members to specific regions also significantly increased during H1 2023. The Southern Africa region topped the list, recording year-over-year growth of 81% to reach a total value of Dhs 477.2 million - up from Dhs264 million in H1 2022.

Central Asia recorded the second-highest growth rate at 66%, with a total of Dhs1.2 billion in exports and re-exports during H1 2023 - up from Dhs708.3 million during the same period last year. Eastern Europe was third, with an increase of 63% and a total value of Dhs717.1 million, up from Dhs440.9 million in H1 2022.

Northern Europe achieved a growth rate of 60% to reach Dhs517.4 million, up from Dhs323.6 million during H1 2022. East Africa recorded the fifth-highest increase, with the value of its members’ exports and re-exports achieving year-over-year growth of 60% to reach Dhs4.9 billion in H1 2023, up from Dhs3.1 billion during the first six months of 2022.

Dubai Chamber of Commerce has announced recently a series of significant accomplishments made during the first half of 2023, including significant growth in the number of member companies and an increase in the value of the exports and re-exports of its members.

The impressive results reflect the competitiveness of Dubai and its business community, together with the chamber’s continuing commitment to achieving its strategic priorities, supporting the emirate’s economic aspirations, and realising the objectives of the Dubai Economic Agenda (D33).

Dubai Chamber of Commerce’s data indicates that the number of new member companies increased by 43% between January and June this year to reach a total of 30,146, up from 21,098 companies in the first half of 2022. This significant growth underlines Dubai’s attractiveness among both companies and investors, as well as the emirate’s growing reputation as a leading global business destination.

The total value of exports and re-exports of member companies also increased by 7% during the first half of 2023 to reach Dhs137.6 billion, up from Dhs129.4 billion in the same period last year. In addition, the chamber issued 357,000 certificates of origin during H1 2023.