Dubai: Dubai's direct exports last year jumped by some 23 per cent over 2008 as it benefited from growth in emerging markets.
Figures released by the Dubai Export Development Corporation (EDC) on Monday showed export value hit Dh52.4 billion last year, while imports fell by 27.8 per cent and re-exports dropped by 8.6 per cent.
Last year, as global economies tracked their path through the financial crisis, international trade suffered significantly, but emerging markets such as the Middle East felt a smaller impact.
Some markets even returned to growth much sooner than others.
"While the GCC trade is linked through the international markets, we have clearly seen the impact of the global crisis," said Ulrich Koegler, a logistics analyst and principal at Booz and Co, a research and consultancy firm.
However, GCC markets were much more resilient, he said.
World trade fell by 12 per cent in 2009, but in the last quarter, a recovery was visible. World exports increased by 3.9 per cent, Africa and Middle East exports picked up by 20 per cent, Europe exports by 4 per cent while North America exports declined by 2 per cent, according to World Trade Organisation statistics.
DP World, the Dubai-based global ports operator, saw volumes decline by 8 per cent across its ports last year.
However, its emerging markets operations saw a smaller volume decline than in developed markets. While Middle East, Africa and Europe volumes fell 11 per cent last year, the Asia-Pacific and Indian sub-continent dropped by 8 per cent and Australia and the America region shed 14 per cent.
"We have delivered somewhat better results than the industry due to our focus on emerging markets, which have remained more resilient to the global downturn," chief executive Mohammad Sharaf said.
While the regional fall since the end of 2008 was sharp, its recovery was also swift.
Meanwhile, as they recover, Africa and the Middle East are gradually gaining a bigger share of world trade, about 42 per cent, according to International Trade Statistics.
Nearly 50 per cent of the EDC's target products such as sugar, cocoa, precious stones and aluminium also increased.
Dubai's exports to 12 out of 27 countries increased while Dubai's exports and re-exports to Brazil, France, Saudi Arabia and Qatar increased, EDC said.
Egypt and Kazakhstan were among the countries to which relatively larger numbers of products were exported from Dubai, while most exports from Dubai's free zones went to Egypt, Kuwait, Pakistan and Russia.
"Qatar, China, India, Indonesia, Egypt and Brazil may present promising markets for Dubai exports since they are the top countries among focus countries which are forecast to grow in real GDP," EDC said.
Emerging markets focus
- 12% fall in world trade last year
- 20% rise in Africa and Mideast exports
