Dubai Chamber of Commerce Sees Exports Surge by 17% to $23.4bn
The Dubai Chamber of Commerce has reported a significant rise in member exports and re-exports, climbing 17% in the first five months of 2024 to reach a total of AED 86 billion ($23.4 billion). This robust growth highlights Dubai’s strengthening position in regional and international trade, with the GCC and Middle East identified as primary market destinations.
Between January and May 2024, the Chamber issued 298,000 certificates of origin (COO), marking a 13% year-on-year increase. The spike in COOs is seen as a clear indicator of expanding trade activity and the Chamber’s proactive efforts to support its members.
The data reveals that the GCC was the top market, absorbing 55.6% of total member exports during the period. Within the GCC, Saudi Arabia was the leading importer with AED 20.3 billion ($5.5 billion) of goods and services, followed by Kuwait, Qatar, and Oman.
The Middle East (excluding the GCC) was the second-largest destination, representing 21.4% of exports and re-exports. Notably, Egypt, Iraq, and Lebanon were cited as key markets.
No individuals were quoted in these figures, but the data underscores the vital role of Dubai’s business community in advancing the emirate’s strategy for economic diversification. The Chamber highlighted ongoing initiatives to facilitate international expansion, reduce trade barriers, and connect members with global opportunities.
According to the Chamber’s statement, the positive trend in trade demonstrates Dubai’s resilience and readiness to attract new investments while providing essential support to businesses navigating evolving global market dynamics.
Team V.INO-LNK
