Dubai Chamber Member trade activity hit $40bn between Jan-Aug 2021

By Arya M Nair, Intern Reporter
  • Follow author on
Trade
Representational Image

The value of exports and re-exports of Dubai Chamber members grew 21.8 percent year-over-year to reach $40 billion in January-August 2021 period, supported by a revival in trade activity in Dubai.

According to the Chamber, the exports and re-exports of its members increased by 43.9 percent year over year, reaching $5.82 billion in August 2021. In August 2021, Dubai Chamber issued 58,154 certificates of origin, up from 48,129 certifications in July 2021.

The GCC was the top export market for Dubai Chamber members between January and August 2021. Chamber members’ exports and re-exports to the GCC countries during the January-August 2021 period surged to 16.4 percent year-over-year to $21.6 billion in the first eight months of 2021.

During August, GCC markets accounted for 53 percent of members’ total exports and re-exports. Exports and re-exports to GCC countries totaled $3.1 billion, up 37 percent from the previous month. In the first eight months of 2021, exports and re-exports to the top ten non-GCC markets increased by more than 31 percent. Egypt was the largest export market outside the GCC, with member exports to the country hitting $517 million in August 2021.

According to Mr. Hamad Buamim, President and CEO of Dubai Chamber, the statistics indicate the strength and resilience of Dubai’s trade industry growing rapidly as Expo 2020 Dubai approaches. 

He also stated that Dubai Chamber is working closely with public and private sector partners to support His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, and Ruler of Dubai, in his five-year strategy to increase Dubai’s foreign trade from $381 billion to $545 billion.

The Dubai chamber’s representative offices around the world are playing a crucial role in identifying export opportunities for its members and other business community to enhance competitiveness and sustainability.

Related: Dubai chamber joins GRPS to boost productivity across sectors

YOU MAY LIKE