By Andy Sambidge
DCCI report says rising exports show emirate 'has almost recovered' from downturn.
Dubai exports for December hit a year-high AED18.5bn, latest figures from the emirate's chamber of commerce and industry have revealed.
A DCCI study showed its members' total exports for the month were 23 percent higher than the same month last year.
The report also revealed that December 2009 exports took the year’s total to AED186.1bn, 11 percent higher than 2007 but 16 percent down on the total for 2008 when the prevailing inflation ratio affected the value of exports.
Hamad Buamim, director general, Dubai Chamber, said December's performance sent out "a clear signal to investors that the export sector has almost recovered from the effects of the global financial downturn".
Buamim added: “The higher December export figures for Dubai are an indication of the positive outlook for 2010 as the export sector can look forward to a better trading year this time round.”
The GCC continued to be the largest export market of the chamber’s members, accounting for 45 percent of the December total.
Saudi Arabia remained the largest single market in the region, maintaining an export level of AED4.1bn, or 23 percent of the total.
Exports to major markets outside the GCC posted a month-on-month increase of 23 percent, hitting a total value of AED9.1bn.
Iran was the single largest export destination of members while exports to Iraq posted a 40 percent growth to be the second largest export destination outside the GCC, pushing India into third position.