Saudi Arabia was named the top destination for members’ exports, with the total value recording year-over-year growth of more than 15% to reach AED35 billion….reports Asian Lite News
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that the GCC was the top export and re-export market destination for its members globally during the first half of 2023.
Saudi Arabia was named the top destination for members’ exports, with the total value recording year-over-year growth of more than 15% to reach AED35 billion.
Members’ exports to Kuwait during H1 2023 were valued at AED12.8 billion, while exports to Qatar grew by 39.3% compared to the same period in 2022 to reach a value of AED12.4 billion. Exports to Oman achieved year-over-year growth of 20% in the first half of 2023, amounting to AED7.8 billion, while exports and re-exports to Egypt reached a total of AED5.3 billion.
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Meanwhile, exports to Iraq soared to AED4.7 billion, representing year-over-year growth of 95.8%.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “The diversity of our members’ export and re-export markets reflects their flexibility in responding to rapidly evolving global market conditions and is supported by our efforts to provide international investment opportunities.”
Lootah highlighted the vital role of Dubai International Chamber’s representative offices and the introduction of various commercial investment opportunities, which have been instrumental in increasing the value of members’ exports and re-exports by 7% during the six months to reach a total of AED137.6 billion.
According to data from the Dubai Chamber of Commerce, high rates of growth in the value of members’ exports and re-exports during H1 2023 were recorded for countries in various regions across the globe. Key growth markets included Estonia, Latvia, Eswatini, Suriname, Zambia, Nicaragua, Djibouti, Georgia, Kazakhstan, Lithuania, Panama, Peru, and Portugal.
Exports and re-exports of chamber members to specific regions also significantly increased during H1 2023. The Southern Africa region topped the list, recording year-over-year growth of 81% to reach a total value of AED 477.2 million – up from AED 264 million in H1 2022.
Central Asia recorded the second-highest growth rate at 66%, with a total of AED1.2 billion in exports and re-exports during H1 2023 – up from AED708.3 million during the same period last year. Eastern Europe was third, with an increase of 63% and a total value of AED717.1 million, up from AED440.9 million in H1 2022.
Northern Europe achieved a growth rate of 60% to reach AED517.4 million, up from AED323.6 million during H1 2022. East Africa recorded the fifth-highest increase, with the value of its members’ exports and re-exports achieving year-over-year growth of 60% to reach AED4.9 billion in H1 2023, up from AED3.1 billion during the first six months of 2022.
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