Exports and re-exports of the Dubai Chamber of Commerce member companies increased by almost 18% during the first half of 2022, showcasing a robust recovery from the coronavirus pandemic and a strong economy.
The total number of exports and re-exports of member companies in the first six months of this year raised to Dh129.4 billion ($35.23bn), said the Dubai Chambers in a statement on Wednesday, July 20.
It further added that the growth momentum shows the persisting efforts to increase and improve services made to ease Dubai’s trade with other markets and increase the competitiveness of the private sector, and new initiatives established under the new strategy of Dubai Chambers.
The president and chief executive of Dubai Chambers, Hamad Buamim, said this year is estimated to be a record and exceptional year for member companies’ trade performance.
Three different chambers working under Dubai Chambers: Dubai International Chamber, Dubai Chamber of Commerce and Dubai Chamber of Digital Economy, have aligned their initiatives and executed a focused approach to help the UAE’s business community and build its position as a global trade hub said Buamim.
Dubai’s economy, which in 2021 jumped back strongly from the COVID-19-induced slowdown, has taken that momentum this year.
The UAE’s economy rose by 6.3% a year during the first nine months of 2021, per preliminary data from the Dubai Statistics Centre.
Emirates NBD predicts that it rose around 5.5% for the complete year of 2021, a rise from its earlier forecast of 4%.
Business activity in the non-oil private sector economy of Dubai in June also enhanced at a rapid pace in three years, as new orders increased sharply in spite of inflationary pressures.
The headline adjusted seasonally S&P Global Dubai Purchasing Managers’ Index increased to 56.1 in June from 55.7 in May, observing its highest reading after June 2019.
Dubai Chambers disclosed the number of certificates of origin allocated during the first half of the year, which stood at 357,000, an increase of 8.9% yearly.
Dubai International Chamber’s representatives’ offices played an important role in supporting the growth of member exports as they recognised high-potential trade options in profitable markets, Buamim stated.
He also highlighted upon Dubai Chambers’ dedication to achieving the objectives of the Dubai Foreign Trade Plan, which strives to encourage Dubai’s foreign trade to Dh2 trillion by 2026.