Dubai Chamber launches online tool to identify export gaps

Dubai Chamber has unveiled a new online business intelligence tool to help Dubai traders in identifying untapped possibilities for exporting commodities to 30 prospective markets in MENA, Asia, Africa, and Europe.

There are 26 key commodities listed on the platform, representing an estimated $10bn in unexplored opportunities for UAE exporters to capitalise on.

The analysis is based on the export potential indicator, produced by the International Trade Center (ITC), which identifies the untapped export potential using an economic model that considers the exporter’s supply, the target market’s demand, market access conditions, and bilateral trade relations.

Hamad Buamim, president and CEO of Dubai Chamber, said the new offering provides valuable insights to help exporters effectively target strategic markets and explore concrete business prospects.

“By identifying the markets that offer most trade potential, we are giving our members access to exciting export opportunities that can help them expand their global reach,” Buamim said.

Jewellery tops the list of commodities offering the most export potential, with an estimated annual export gap of $6.6bn. Hong Kong is identified as the market with the highest untapped potential for jewellery ($1.5bn), while its current jewellery imports from the UAE is valued at $1.1bn.

Copper wire has the second highest export gap valued at $924m, with India identified as the market with the most untapped potential at $208m.

The products with the third highest potential for exports are identified as beauty, make-up and skin care preparations, which have a total gap value estimated at $350m. The three Asian markets of China, Hong Kong and Singapore offer the most potential for these commodities.

Recently, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, approved the new board of directors of Dubai Chambers.

Read: Sheikh Mohammed approves new board of Dubai Chambers

“Dubai Chambers will be one of the organisations spearheading our efforts to further transform the emirate’s business environment and enhance its position as a dynamic regional and global centre for business, trade and finance,” Sheikh Mohammed said.

Speaking on the Chambers’ business plan, Sheikh Mohammed noted: “The members of Dubai Chambers will be active stakeholders in executing Dubai’s international trade strategy which aims to expand our external trade to Dhs2 trillion in five years.”