Dubai Chamber of Commerce Highlights GCC Market’s Continued Significance
The Dubai Chamber of Commerce, one of the Dubai Chambers, has released its trades statistics for the first half of 2024. According to the report, the GCC market is the leading destination for world exports and re-exports by companies from GCC member states.
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GCC Market Leads with 53.9% Share
The GCC region held its stead at the top market for its members, continuing with the trend in 2016, representing 53.9% of the overall exports and re-exports. In volume terms, the share would be around AED78.6 billion. The report by the chamber iterated that the GCC market remains the most significant market for the international trade activities of its members.
Middle East Non-GCC Countries Secure Second Position
It followed the GCC, but countries in the Middle East were the initial vital destination for export and re-export. This business contributed 23.9% of all exports and re-exports, with a value of AED34.9 billion. That is proof of a good trading relationship with Middle East neighbouring markets.
African Markets: Third in Trade Importance
African markets ranked third in terms of trade volume for Dubai Chamber members. They represented 9.9% of the total export and re-export, valued at AED14.5 billion. This serves as evidence of a rising trade relationship that exists between Dubai Chamber members and the African continent.
Asia-Pacific Region as Fourth
Asia-Pacific stood fourth in world regions analysis; its share in the total exports and re-exports was 9.2%. AED 13.4 billion was the value of the trade with the Asia-Pacific region. These findings speak of the large, yet slightly smaller, but still crucial role of the Asia-pacific region in Dubai’s export and re-export mix.
European Markets and North America in Fifth and Sixth Places
European markets would follow up with a ranking of fifth—involving 1.9% of total exports and re-exports, amounting to a total value of AED2.8 billion. North America followed closely, representing 0.6% of the total exports and re-exports, and a combined value of AED946 million. While equally impressive, at least these regions can stake a bit more modest involvement in Dubai’s dynamic trading activities.
Latin America: Seventh in Trade Destinations
Latin American markets remained the seventh largest destination for Dubai Chamber members’ exports and re-exports. This region comprised a percentage of about 0.6% of the total trade volume, having a value of around AED839 million. Though this is the smallest percentage, it still reveals a presence of trade relations between Dubai and Latin America.
Overall Trade Value and Certification
The total value of exports and re-exports accounted for by all members of the Dubai Chamber amounted to about AED 145.9 billion during the first half of 2024. Moreover, the Dubai Chamber issued 372,720 certificates of origin, underpinning its role in facilitating international trade for its members.
A report by the Dubai Chamber of Commerce indicates strong trade links with regional and global markets and gives an overview of the various destinations for export and re-export, playing a big part in shaping the economic landscape for Dubai.
