DUBAI – The cumulative eight-month total exports and re-exports of Dubai Chamber of Commerce and Industry members increased by 5 percent reaching the highest value of AED189.3 billion in 2013,  surpassing the previous record of AED181 billion in 2012, according to a latest study released by the Chamber.



Meanwhile, the value of the members’ exports and re-exports in August was AED20.5 billion.



The popularity of the GCC countries as export destinations grew further in 2013, with the eight-month total export to the region aggregating 58 percent and registering an 18 percent growth to reach AED109 billion.



Leading the group was Saudi Arabia acquiring 54 percent of the members’ total exports and re-exports to the GCC with the value of AED58.7 billion, or 31 percent of the period’s total exports and re-exports around the world.



Saudi Arabia’s dominance as export destination of members was followed by Qatar with a share of 16 percent; Kuwait, 12 percent; UAE, 9 percent, Oman, 6 percent and Bahrain, 3 percent.



Qatar was second largest export destination with a significant y-o-y increase of 30 percent reaching AED17.6 billion and pushing the country’s share to 9 percent of the total export and re-exports during the period, while Kuwait was the 3rd largest export market of members, with total eight-month export of AED12.9 billion, for a y-o-y growth of 12 percent while the number of certificates of origin (COs) issued for exports to the country increased by 9 percent compared to the same period last year.



Also, during the first eight months of 2013, 168,065 COs were issued for shipments to Saudi Arabia which is equivalent to 30 percent of the total number of certificates issued during the period while the total number of COs issued for the members for shipment to Qatar was 80,797 certificates.



Although Bahrain remained as the smallest export market in the region, it was the fastest growing. The y-o-y growth of 46 percent pushed the total value to AED3.6 billion. Similarly, the number of COs issued to exports to the country increased by 62 percent to 37,908. Trade between the free zones and duty free shops in the UAE and the customs territory of Dubai inched up by 2 percent to AED9.3 billion while the number of COs issued rose by 10 percent y-o-y to 25,486 certificates.



The study further revealed that Iraq emerged as the largest non-GCC export destination taking away 39 percent share of major exports outside of the GCC, exports to the country continued to decline. –  SG