GCC remains top export market for members in H1’23, reveals Dubai Chamber of Commerce

Image: Dubai Media Office

Dubai Chamber of Commerce has revealed that the GCC was the top export and re-export market destination for its members globally during H1 2023.

Saudi Arabia was named as the top destination for members’ exports, with the total value recording year-over-year growth of more than 15 per cent to reach Dhs35bn.

Members’ exports to Kuwait during H1 2023 were valued at Dhs12.8bn, while exports to Qatar grew by 39.3 per cent compared to the same period in 2022 to reach a value of Dhs12.4bn.

Exports to Oman achieved year-over-year growth of 20 per cent in H1 2023, amounting to Dhs7.8bn, while exports and re-exports to Egypt reached a total of Dhs5.3bn. Meanwhile, exports to Iraq soared to Dhs4.7bn, representing year-over-year growth of 95.8 per cent.

H1 highlights: Dubai Chamber of Commerce

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 per cent during the six-month period to reach a total of Dhs137.6bn.

He added: “Dubai Chambers remains committed to achieving the goals of the Dubai Economic Agenda and accelerating sustainable economic development. We are keen to enhance access to new markets for the emirate’s business community to meet our strategic targets, serve the interests of the private sector, and further boost the competitiveness of Dubai’s dynamic business environment.”

Other key growth markets

According to data from 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 witnessed significant increases during H1 2023. The Southern Africa region topped the list, recording year-over-year growth of 81 per cent to reach a total value of Dhs477.2m – up from Dhs264m in H1 2022.

Central Asia recorded the second-highest growth rate at 66 per cent, with a total of Dhs1.2bn in exports and re-exports during H1 2023 – up from Dhs708.3m during the same period last year. Eastern Europe was third, with an increase of 63 per cent and a total value of Dhs717.1m, up from Dhs440.9m in H1 2022.

Northern Europe achieved a growth rate of 60 per cent to reach Dhs517.4m, up from Dhs323.6m 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 per cent to reach Dhs4.9bn in H1 2023, up from Dhs3.1bn during the first six months of 2022. Courtesy: Dubai Chamber of Commerce
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