Dubai exports hit Q1 record

Dubai’s exports boomed in the first quarter of 2008 to touch a record high of $13.34 billion, up 36% year on year, according to figures released Wednesday by the Dubai Chamber of Commerce and Industry (DCCI).

The GCC remained the largest recipient of goods exported by the 6,592 members of the DCCI, accounting for 45% of total exports valued at almost $6 billion, according to the chamber’s bulletin.

Saudi Arabia and Qatar were the largest of those markets, with total exports to the two Gulf states posting respective quarter growth of 11% and 5% for total values of $2.6 billion and $2.12 billion.

In terms of growth, however, exports to Oman expanded most significantly, up 36% to reach a quarter total of over $500 million.

Exports to non-GCC countries also performed strongly with the value of goods shipped to India and Jordan posting the most impressive numbers.

The two were the fastest growing markets for DICC exporters, registering respective growths of 18% and 15 %. In terms of value, however, exports to Jordan valued at around $250 million, was lower than the $650 million sent to India.

Exports to Kuwait during the quarter remained relatively constant at just under $600 million, while exports to Bahrain, the smallest GCC market for DICC members, grew around 5% to reach $217 million.

Libya and Yemen both contracted significantly in terms of export value for DICC companies. The value of product shipped to the two nations fell 28% and 15% respectively.

Exports to all other destinations also declined slightly, down around 7% for the quarter.

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