Dubai Chamber of Commerce members' exports rise 28% in May

The total value of $6.26bn is the highest recorded by member companies since August 2018

Dubai has rebounded strongly from the pandemic-induced slowdown, driven by the travel and tourism sectors and the property market. AFP

Dubai Chamber of Commerce member companies' exports and re-exports rose 28 per cent in May to the highest level since August 2018 as the emirate’s economy continues to recover from the coronavirus pandemic.

Total exports and re-exports of member companies during the month climbed to Dh23 billion ($6.26bn), Dubai Chambers said in a statement on Monday.

In the first five months of 2022, the figure rose 16 per cent to Dh104.3bn.

The rise in exports of member companies "reflects the positive impact of the Chamber’s successful approach to identifying growth opportunities in promising markets”, Abdul Aziz Al Ghurair, chairman of Dubai Chambers, said.

“Such efforts support the objectives of Dubai’s strategic plan to boost foreign trade by up to Dh2 trillion in five years.”

Dubai, the commercial and tourism hub of the Middle East, has rebounded from the pandemic-induced slowdown with the tourism and property sectors driving growth.

Business activity in Dubai's non-oil private sector in May rose to its strongest level in 35 months on the back of marked growth in the emirate’s travel and tourism sector, despite rising inflationary pressures.

The headline S&P Global Dubai Purchasing Managers' Index reading climbed to 55.7 in May from 54.7 in April. A reading above the neutral 50 level indicates economic expansion while one below points to a contraction.

Dubai welcomed 5.1 million visitors in the first four months of 2022, a more than three-fold increase compared with the same period in 2021, when the emirate welcomed 1.67 million overnight visitors, the Dubai Media Office said last week.

The strong trade performance of Dubai Chamber's member companies in the first five months of 2022 “signals a rise in business confidence and Dubai’s growing economic competitiveness”, Hamad Buamim, president and chief executive of Dubai Chambers, said.

The latest figures also reflect the “agile nature of the emirate’s business community, which has been able to navigate new challenges and reposition for recovery in the post-pandemic period and beyond", he said.

Chamber members' exports and re-exports to GCC markets between January and May 2022 rose 11 per cent annually to Dh55.5bn, increasing 12 per cent in May alone to Dh12.6bn, according to Dubai Chamber data.

GCC countries accounted for 55 per cent of the total exports and re-exports of members last month. Exports and re-exports to the top 10 markets outside the GCC climbed 20.5 per cent to Dh31.5bn in the first five months of 2022, the data showed.

Dubai Chambers had more than 287,000 members companies as of the end of 2021.