Dubai exports up sharply in 2011

Dubai's exports and re-exports rose 14.5 per cent last year over 2010, according to new results published by the Dubai Chamber of Commerce and Industry. The results indicate that the value of exports and re-exports by Dubai Chamber members in 2011 was Dh246 billion, 14.5 per cent higher than the 2010 figures. The increase reflects the importance of trade in the economic growth of Dubai, the Chamber said. The 2011 figures are higher than the peak period of the economic boom in 2008, which was Dh213 billion. Article continues below The highest monthly figure in 2011 was in May with Dh22.1 billion, and the lowest was January with Dh17.6 billion. The annual data on the number of certificates of origin (CO) issued is 698,067, an increase of 8.3 per cent over the 644,809 COs issued in 2010. The highest number of COs issued in a month was 62,726 in October and the lowest was 50,612 in February. Hamad Bu Amim, Director-General of the Dubai Chamber, pointed out that despite global uncertainty, the European debt crisis and a weak US economy and instability in the region, Dubai's economy is on track. "The annual report clearly demonstrates the resilience of Dubai's traders in turning the tide in their favour, thanks to the lessons learnt from the global financial crisis as they used their experience and flexibility in global trading to switch between destinations and products," he said. "Dubai's business community also explored new markets and export destinations in Africa, Eastern Europe and Latin America, thus achieving unprecedented export figures in the Dubai Chamber's history of operations." Bu Amim also said 2011 was a historically successful year for the trade sector, which has established its position as key driver of the emirate's economic growth. Major contributors "The trade sector, along with tourism, logistics and financial services, once again played a major role in the overall health of Dubai's economy and directly supported the emirate's role in consolidating its status as a favourite global investment destination in the region and a gateway to the neighbouring GCC countries," he added. Bu Amim said 10,092 new members joined the trade body, an 8.5 per cent increase over the same period in 2010, which took the membership to over 128,000. This also points towards the economic growth which Dubai witnessed last year, he added. Despite the political unrest across the Middle East and North Africa, Dubai continues to be a safe and stable place to do business, he said. Dr Mohammad Al Asoomi, a UAE-based economist, told Gulf News that Dubai has been showing steady economic growth despite the economic and financial tensions around the globe. "Trade facilities and well planned infrastructure, including the airports and ports, in addition to the logistics services, have all made Dubai the preferable business centre in the region," he said. Al Asoomi added that the trade volume of the UAE will get better once the political turmoil in the region settles down. "The contribution of countries like Libya, Egypt, Tunisia and Yemen to the UAE's trade volume would then get better and the coming months would witness a rise in demand for re-exports," he added. Impact of oil prices Moreover, a hike in oil prices will enhance econ-omic growth in the UAE, Al Asoomi said. Summing up the achievements of 2011, Bu Amim said the Dubai Chamber focused not just on the quantity of growth but also on its quality by exploring new products and export markets, as well as business opportunities for trade and investment in Africa, East Asia and Latin America. The successful hosting of international events such as the fourth Common Market for Eastern and Southern Africa (COMESA) Investment Forum and the third Dubai Hamburg Business Forum are good examples of the support for the development of business in the emirate while promoting Dubai as an increasingly attractive place for global trade, Bu Amim said. He added that the Dubai Chamber will focus on opening up new markets by sending trade missions to countries such as Ethiopia, China and cities like Surat, which is India's diamond hub.