The Dubai Chamber of Commerce and Industry has launched a new online business intelligence tool that could help regional exporters identify untapped opportunities worth an estimated $10 billion, said local reports on Monday, August 9.
The tool is focused at 30 promising markets across the MENA region, Asia, Africa, and Europe, said the reports.
They added that Dubai Chamber’s online tool has 26 major commodities listed on it.
The analysis is said to be based on the export potential indicator, produced by the International Trade Center, which identifies the untapped export potential using an economic model that considers the exporter’s supply, the target market’s demand, market access conditions, and bilateral trade relations.
The local reports said jewelry tops the list of commodities offering the most export potential, with an estimated annual export gap of $6.6 billion.
Hong Kong is reportedly identified as the market with the highest untapped potential for jewelry ($1.5 billion), while its current imports from the UAE is valued at $1.1 billion.
Copper wire has the second-highest export gap valued at $924 million, with India reportedly identified as the market with the most untapped potential at $208 million.
The category with the third-highest potential for exports is beauty, make-up, and skincare preparations, which the reports said have a total gap value estimated at $350 million.
China, Hong Kong, and Singapore offer the most potential for these commodities, said the reports.
Dubai Chamber’s President & CEO Hamad Buamim was quoted by the local reports as saying that the tool provides valuable insights to help exporters effectively target strategic markets and explore concrete business prospects.
He noted that the launch of the tool was in line with the emirate’s new target to boost its foreign trade from AED1.4 trillion (around $380 billion) to AED2 trillion (around $545 billion) over the next five years.