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Dubai exports up sharply by 13.3%

Increase reflects the importance of trade in economic growth

Gulf News

Dubai: Dubai’s exports and re-exports rose 13.3 per cent in the first six months of 2012 over 2011, according to new results published by the Dubai Chamber of Commerce and Industry.

The results indicate that the value of exports and re-exports by Dubai Chamber members in 2012 was Dh136.2 billion, 13.3 per cent higher than the 2011 figures.

The May 2012 figures of the members’ exports and re-export result at Dh28 billion were the highest ever since the founding of Dubai Chamber in 1965.

The increase reflects the importance of trade in the economic growth of Dubai, the Chamber said.

Dubai Chamber data show that its members’ exports and re-exports between January and June 2012 were worth Dh16 billion comparing to Dh120.3 billion in the same period in 2011.

Hamad Bu Amim, Director-General of Dubai Chamber, said the results show the strength of the trade sector in driving the economic growth in Dubai.

“Our members’ export and re-export figures reinforce the investors confidence in health of Dubai’s trade sector which is the driving engine of the economy along with tourism, logistics and financial services.”

During the first half, Dubai Chamber issued a total of 373,000 certificates of origin (COs). This is an increase of 8.4 per cent, compared to the 344,067 certificates of origin issued during the first six months of 2011. May was the month with the highest number of certificates issued 70,000, while February was the month with the least 57,000.

Between January and June, a total of 7,000 new members joined Dubai Chamber. This is a 30% increase on the same period in 2011 when 5,233 new members joined. This increases the total number of Dubai Chamber members to over 135,000 by the end of June.

Bu Amim remarked that the Dubai Chamber concentrated on policy advocacy by revising 19 federal and local laws this year in addition to offering other services that make the emirates more business friendly and attractive to foreign investors.

Dr Mohammad Al Asoomi, a UAE-based economist, told Gulf News that Dubai has been showing steady economic growth despite the economic and financial tensions around the globe.

Recently, Dubai witnessed the flow of good number of new companies and investor, he said.

“Trade facilities and well planned infrastructure, including the airports and ports, in addition to the logistics services, have all made Dubai the preferable business centre in the region,” he said. Al Asoomi added that the trade volume of the UAE will get better once the political turmoil in the region settles down.

The UAE’s trade volume is growing and will grow further and the coming months would witness a rise in demand for re-exports,” he added.

Moreover, a hike in oil prices will enhance economic growth in the UAE, Al Asoomi said.