Dubai: Exports and re-exports by members of the Dubai Chamber of Commerce and Industry increased 13.7 per cent during the first half of the year over the same period last year, a Dubai Chamber report has said.
With total exports and re-exports of Dh103.2 billion in the first six months of the year, the study points to the export sector's gathering momentum despite the global economic downturn.
Hamad Bu Amim, Director General of the Dubai Chamber, said the first half performance is very encouraging as it proves that Dubai's business environment is as strong as ever and the emirate is a viable investment destination.
Citing the exceptional performance of Dubai's export and re-export sector, Bu Amim said the sector is the real driving force behind Dubai's economic recovery.
In the first half of the year, 5,098 new members joined the Chamber, an 18.9 per cent increase over the 4,289 in the same period last year.
Ahmad Al Banna, a business analyst, told Gulf News, "Despite the impact of the economic crisis on the UAE market the effect on the trade sector was not that big.
"Since [beginning] history Dubai has been know as a centre for export and re-export that enrich the markets in the region, East Africa, Iran, Pakistan and the neighbouring countries."
The growth in the trade relies on demand and supply of food products and basic consumer items which have not been affected by the economic meltdown, he added. Al Banna said the world economic downturn has affected all business sectors, not only trade.
"However, with a bit of more time, all businesses will be flourishing back to what was taking place in the late 1990s," he said.
Exports in March amounting to Dh18.7 billion were the highest. They declined 4 per cent in July to Dh17.2 billion. The lowest exports were in January at Dh15.9 billion.
The report attributed the recent decline to the summer holidays with traditionally lower demand but the demand is expected to rise during Ramadan and subsequent holidays.
According to the report, the number of Certificates of Origin (COs) issued by the Chamber in the first half of the year increased 7 per cent to 318,557 in comparison with 297,677 in the first half of last year.
June saw the highest number of 57,306 COs issued while January saw 48,036 issued.
Lee Ju Song, Asia Director of the International Chamber of Commerce (ICC), told Gulf News recently that the Dubai Chamber is one of the ICC's "most active members and has the expertise and the financial capability but also for the administrative ability and professionalism for the best trade resource and documentation — especially the certificate of origin — as well as it accessibility to the business community".
Dr Jasem Ali, member of the Financial and Economic Community of Bahrain Parliament, told Gulf News: "There is no surprise in the remarkable growth in the trade sector and especially in the UAE.
"With the sustainable support to the public expenditure, the spirit of the economy is back as well as confidence in the market is back which in turn [will] revive the trade sector."
Ali said since the UAE, in particular Dubai, is a business hub, there is no doubt that it succeeded in creating a favourable trade environment.
