Exports and re-exports of Dubai Chamber members in May 2022 recorded their highest monthly value since August 2018, and the value of exports and re-exports during the first five months was $28.4 billion compared to $24.53 billion during the same period in 2021.
Dubai Chamber of Commerce is one of three chambers operating under Dubai Chambers.
Member exports and re-exports amounted to AED104.3 billion between January and May 2022, achieving 15.8 percent YoY growth when compared to the same period last year.
Over 291,000 certificates of origin were issued by the Chamber in the first five months of this year, recording a growth of 7.1 percent YoY.
The strength of the Dubai economy, the flexibility of the emirate’s merchants and the value of Dubai Chamber of Commerce services drive chamber members’ exports to grow by 15.8 percent during January-May 2022, said Abdul Aziz Al Ghurair, Chairman of Dubai Chambers.
He added that growth in member exports reflects the positive impact of the Chamber’s successful approach to identifying growth opportunities in promising markets.
“Such efforts support the objectives of Dubai’s strategic plan to boost foreign trade by up to AED 2 trillion ($544 billion) in five years,” he said.
Al Ghurair added that the Chamber’s smart services, market intelligence and network of international offices have enabled member companies to diversify export markets, streamline trade processes and make informed business decisions.
Hamad Buamim, President & CEO, Dubai Chambers, said the strong trade performance of member companies in the first five months of 2022 signals a rise in business confidence and Dubai’s growing economic competitiveness.
Chamber member exports and re-exports to GCC markets between January and May 2022 amounted to AED55.5 billion, marking a 11.1 percent YoY increase compared to the same period in 2021.
Member exports and re-exports in May 2022 reached AED 12.6 billion, marking a 12.1 percent increase compared to the previous month.
As per the Chamber’s report, GCC countries accounted for 55 percent of the total exports and re-exports of the members in May 2022. Member exports and re-exports to the top 10 markets outside the GCC jumped 20.5 percent to reach AED 31.5 billion YoY in the first five months of 2022.
In May alone, exports and re-exports of Chamber members in the same category recorded a growth of 16.3 percent YoY to reach AED6.6 billion.