Saudi Arabia tops Dubai Chamber of Commerce’s export destinations in H1

Saudi Arabia emerged as the top global export destination for Dubai Chamber of Commerce members during the first half of 2023, as revealed by official data from the UAE.

The value of exports surged over 15 percent year over year to 35 billion dirhams ($9.53 billion), according to a press release by the DCC issued on Wednesday.

The release further highlighted that Kuwait, Qatar, Oman, Egypt and Iraq secured their spots among the top 10 export destinations and re-exports by members.

Notably, Qatar marked year-over-year growth of 39.3 percent within the same period.

Conversely, the report underscored southern Africa as the fastest-growing region for members’ exports, followed by Central Asia, Eastern Europe, Northern Europe and East Africa.

The report also showed that the members’ exports to Kuwait during the first six months of 2023 were 12.8 billion dirhams, while exports to Qatar grew 39.3 percent to 12.4 billion dirhams compared to the year-ago period.

It added that exports to Oman achieved year-over-year growth of 20 percent in the first half of 2023, amounting to 7.8 billion, while exports and re-exports to Egypt reached a total of 5.3 billion dirhams.

Meanwhile, exports to Iraq soared to 4.7 billion dirhams, representing a 95.8 percent year-over-year growth.

According to Mohammad Ali Rashed Lootah, president and CEO of DCC, they were committed to achieving the goals of their national economic agenda and sustainable growth.

“We are keen to enhance access to new markets for the emirate’s business community to meet our strategic targets, serve the interests of the private sector, and further boost the competitiveness of Dubai’s dynamic business environment,” he said.

Lootah added that the diversity of the members’ export and re-export markets reflects their flexibility in responding to rapidly evolving global market conditions and is supported by their efforts to provide international investment opportunities.

According to DCC data, Estonia, Latvia, Eswatini, Suriname, Zambia and Nicaragua recorded high growth rates in the value of members’ exports and re-exports during this year’s first half.

In addition, Djibouti, Georgia, Kazakhstan, Lithuania, Panama, Peru and Portugal were also part of the high growth rate list.

The data showed that exports and re-exports of chamber members also witnessed significant increases during the first half of 2023, with southern Africa on top with year-over-year growth of 81 percent to reach a total value of 477.2 million dirhams — up from 264 million dirhams in the first half of last year.

On the other hand, Central Asia saw the second-highest growth rate at 66 percent, with a total of 1.2 billion dirhams in exports and re-exports during the first six months of this year — up from 708.3 million dirhams during the same period last year.