Dubai: The performance of exports and re-exports by members of the Dubai Chamber of Commerce and Industry proves that Dubai's business environment is as strong as ever, a Dubai Chamber report has said. The emirate has regained strength in the export sector, it added.
The study showed that total exports and re-exports of its members in October was Dh19.3 billion, 21 per cent higher than the corresponding figure a year ago and 13 per cent higher than the Dh17 billion the previous month.
The value of exports last month was the second highest of the Chamber's members after the figures of October 2008, which amounted to Dh24.7 billion.
Earlier, the Dubai Chamber said that exports and re-exports increased 13.7 per cent of Dh103.2 billion in the first six months this year.
According to Hamad Bu Amim, Director General of the Dubai Chamber, the increasing movement of export and re-exports over the months is "a strong indicator of the emirate's returning to the basic export sector which is one of the driving forces behind Dubai's economic recovery..."
Bu Amim added: "The export figures of October 2010, which are the highest in the last two years, clearly indicate that the economy is getting closer to the pre-crisis era and augurs well for the future economic growth of the emirate as this upward trend will send a wave of confidence to investors while reaffirming Dubai's position of a sound investment destination."
Exports by Dubai Chamber members to the GCC expanded by 13 per cent to Dh9.1 billion, higher by more than Dh1 billion than the previous month's Dh8 billion. The region remained the largest export market of the members, with a 47 per cent share of total exports during the month.
Business analyst Jitendra Gianchandani, Chairman of Jitendra Chartered Accountants, told Gulf News that businesses in the UAE are returning to normalcy, which is eventually leading to growth in export.
He said: "Businessmen were a bit conservative but overcautious in the market in the last two year amid the economic crisis. However, they got back to their core business which is trade." On the trade sector, he said: "There is no surprise in the remarkable growth in the trade sector, as since history Dubai has been known as a centre for export and re-export in the region," Gianchandani said.
"Now a lot of businessmen are into buy and sell. But with a bit of more time, all business will be flourishing back to what was taking place before the financial downturn," he added.
According to the study, Saudi Arabia continued to be the largest export destination in the region, with export value reaching Dh4.4 billion. However, the movement of goods to and from the customs territories and the free zones and duty free shops of Dubai and the UAE slowed down by 17 per cent, to a total value of Dh909 million, pushing the UAE down from the second largest market in the GCC to fourth place, the report said.