Dubai's exports grew 6.5 per cent to Dh46.5 billion in the second quarter of 2009 compared to the previous three months.
Dubai exports show growth in Q2
Dubai's exports grew 6.5 per cent to Dh46.5 billion in the second quarter of 2009 compared to the previous three months, according to the Dubai Chamber of Commerce and Industry. Exports to the GCC totalled Dh21.8bn, accounting for 47 per cent of the total shipments during the second quarter, ending in June. "Despite the global economic downturn, monthly exports followed the moderately increasing pattern defined over the period prior to the dramatic surge in exports in the latter part of 2007 and into 2008," said Hamad Buamim, director general, Dubai Chamber.
The rise in exports from the emirate come as major economies including the US, Japan and China report increasing exports in June, which may suggest a tentative recovery in global trade. Higher oil prices between 2007 and 2008 led to increasing disposable income in the Gulf and higher demand for imported goods, according to Mr Buamim. Business to Saudi Arabia, the largest market in the GCC, rose by four per cent to Dh9.9bn compared to the previous quarter, while exports to Kuwait increased by the same margin to Dh2.6bn. Shipments to Qatar, Oman and Bahrain, the smallest market in the region, declined.
The number of exporters in the second quarter increased by 3.5 per cent to 6,516 from the quarter earlier, the chamber said Tuesday. Dubai's African markets expanded by 13 per cent in the second quarter to Dh3.8bn, with leading market Egypt growing by 27 per cent to Dh1.4bn. India and Pakistan were the largest South Asian markets for Dubai traders. Exports to the two countries expanded 38 per cent quarter-on-quarter to total Dh1.9bn.
Sixty four per cent of the exporters during the second quarter exported less than Dh1m but their exports amounted to only two per cent of total exports. In contrast, only 91 exporters exported at least Dh100m, but their total exports accounted for half of the quarter's total exports. firstname.lastname@example.org