Value of export/re-exports of Dubai Chamber members covered by Certificates of Origin (COs) for the third quarter of 2008 reached AED 56.6 billion, higher by 25 percent over the AED 45.3 billion registered during the same period in 2007. However, the figure represented a slight decline of about 1.7 percent from the 57.6 billion exports recorded in the second quarter of 2008.
Saudi Arabia is the largest export/re-export market
Saudi Arabia overtook Iran to become Dubai’s largest export/re-export destination (Table1). During the quarter, total value of export/re-export to Saudi Arabia reached AED 12.3 billion, or 21.7 percent of the total export.
The GCC countries accounted for the major share to total exports of Dubai Chamber members during the quarter. Goods destined to the region, with a total value of AED 29.9 billion, accounted for about half (52.8 %) of total exports, growing at quarter-on-quarter rate of 6.8 percent. Despite the 2.9 percent decline in exports to Qatar, the country remained as the second largest destination in the GCC, with value of exports reaching AED 5.8 billion. Exports to Kuwait grew by 13.9 percent to reach AED 3.1 billion, while exports to Oman increased steadily by 23 percent, to reach AED 2.4 billion, Bahrain remained to be the smallest market, despite the 11.7 percent growth of exports to a total value of AED 1 billion. Trade between the domestic market of the UAE, its free zones and duty free shops reached AED 5.3 billion, representing a growth of 18.3 percent for Q3-2008.
On the other hand, exports to Iran posted a double-digit quarter decline of 15.4 percent to a total value of AED 11.8 billion, down by more than AED 2 billion from a total value of AED 14 billion registered during the previous quarter.
Total export to other destinations decline from AED 7 billion in the second quarter to AED 5.2 billion in the third quarter, posting a quarter decline of 25.7 percent.
Exports to Lebanon and Oman post the largest quarter increases
Exports to destinations that had posted quarter growth in Q3-08 contributed a total increase of AED 4.8 billion from their corresponding exports in Q2-08.
Leading the list of top growth contributors was Lebanon. Total export to Lebanon in Q3-08 amounted to AED 915 million, registering a quarter growth of 114 percent and contributing AED 487 million to the total increase in exports during the quarter, Lebanon had jumped from the 19th position in Q2-08 to be placed in the 12th for Q3-08. Posting a quarter increase of AED 454 million, Oman was the second largest contributor to export growth of Dubai in Q3-08, valued at AED 2.4 billion, representing quarter growth of 23.3 percent. Meanwhile export to Egypt posted a significant quarter growth of 28 percent remained the country similar to its positioning in Q2-08.
In terms of growth rate, Chad topped the list, growing from a total export value of only AED 31 million in Q2-08 to AED 241 million in Q3-08, for a growth of more than six folds. Consequently, from a rank of 31st largest markets in Q2-08, the destination jumped to rank 21st. Other markets which contributed more than AED 100 million to export growth during the quarter were Kuwait Libya, Jordan, Saudi Arabia, India and Bahrain.
