Exports and re-exports of Dubai Chamber of Commerce member companies jumped nearly 18 per cent in the first half of the year, indicating a strong recovery from the Covid-19 pandemic and a robust economy.
Total exports and re-exports of member companies during the January to June period surged to Dh129.4 billion ($35.23bn), Dubai Chambers said in a statement on Wednesday.
The growth momentum reflects the continuing efforts to “expand and improve” services designed to facilitate Dubai’s trade with other markets and enhance the competitiveness of the private sector, as well as new initiatives launched under the new Dubai Chambers strategy, it added.
This year is expected to be a “record and exceptional year” for member companies’ trade performance, said Hamad Buamim, president and chief executive of Dubai Chambers.
Three chambers operating under Dubai Chambers — Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy — have aligned their initiatives and implemented a focused approach to support emirate’s business community and cement its position as a global trade hub, Mr Buamim said.
Dubai's economy, which last year bounced back strongly from the coronavirus-induced slowdown, has carried that momentum into this year.
The emirate's economy grew 6.3 per cent a year in the first nine months of 2021, according to preliminary data from the Dubai Statistics Centre. Emirates NBD estimates that it grew about 5.5 per cent for the full year 2021 — an increase from its earlier forecast of 4 per cent.
Business activity in Dubai's non-oil private sector economy last month also improved at its quickest pace in three years, as new orders rose sharply despite inflationary pressures.
The headline seasonally adjusted S&P Global Dubai Purchasing Managers' Index rose to 56.1 in June from 55.7 in May, marking its highest reading since June 2019.
Dubai Chambers revealed the number of certificates of origin issued in the first half of the year stood at 357,000, an annual increase of 8.9 per cent.
A certificate of origin is a document declaring in which country a commodity or good was manufactured, according to online financial encyclopaedia Investopedia. It has details about the good, its destination and the country of export.
Dubai International Chamber’s representative offices played a crucial role in supporting the growth of member exports as they identify high-potential trade opportunities in promising markets, Mr Buamim said.
He also emphasised up on Dubai Chambers’ commitment to achieve the goals of the Dubai Foreign Trade Plan that aims to boost Dubai’s foreign trade to Dh2 trillion by 2026.
Dubai Chambers had more than 287,000 members companies as of the end of 2021.