Dubai: December exports by member companies of the Dubai Chamber of Commerce and Industry reached Dh18.5 billion, 23 per cent higher than in December 2008, the Chamber said on Tuesday.
A study by the Chamber showed that December's exports raised the year's total to Dh186.1 billion, 11 per cent higher than in 2007.
However it was 16 per cent lower than in 2008 when the prevailing inflation rate greatly affected the value of exports, it said.
Hamad Bu Amim, director-general of the Chamber, said that its members' exports in December were the highest in the year as the export market outperformed its 2007 record, sending a clear signal to investors that the export sector has largely recovered from the effects of the global financial downturn.
Bu Amim said the fact that exports showed strong month-on-month growth reflects Dubai's resolve to turn the situation to its favour in the wake of adverse developments and to retain its position as a leading trading hub in the region.
"Under its mission to represent, support and protect the interests of the business community in Dubai, the Chamber does everything within its means to facilitate trade and enhance the competitiveness of Dubai businesses while the Government supports all economic sectors as is evident from the latest decree by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai," he said.
He was referring to the exemption granted on fines for late renewal of trade licences, as well as the earlier decree granting a 20 per cent to 30 per cent reduction in government services fees.
Positive outlook
"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," he said.
December exports remained highly concentrated in niche markets, with exports to the top 20 destinations accounting for 94 per cent.
The Gulf Cooperation Council remained the largest export market for the Chamber's members, expanding 19 per cent from the previous month and accounting for 45 per cent.
Saudi Arabia remained the single largest export market for Dubai, with values reaching Dh4.1 billion, or 23 per cent of the total.
This was accompanied by an increase in the number of exporters to 1,330. Similarly, the number of exporters to Qatar increased to 1,400, resulting in an increase in exports to Dh1.1 billion.
