GCC Top Export and Re-Export Market for Dubai Chamber of Commerce members in 2023

Dubai Chamber of Commerce (DCC), one of the three chambers operating under the umbrella of Dubai Chambers, on Tuesday said that the Gulf Cooperation Council (GCC) remained the top global export and re-export market destination for the Chamber’s member companies in 2023.

This represents 55.6% of total exports and re-exports valued approximately at $43.95 billion. The figures underline the continuing significance of the GCC market in the trade activities of chamber members.

The value of exports and re-exports of Dubai Chamber of Commerce members reached a combined total of $77.46 billion in 2023.

According to DCC, the Non-GCC countries in the Middle East region accounted for 21.8% of total exports and re-exports with a total value of $16.88 billion. The Asia-Pacific region was the third largest market with 9.5% of members’ exports and re-exports at a combined value of $7.35 billion.

African markets ranked fourth on the list, accounting for 7.9% of chamber members’ exports and re-exports with a value of $6.1 billion.

European markets ranked fifth, accounting for 3.5% of total exports and re-exports with a value of $2.75 billion, while North American markets ranked sixth with 1.4% of the total and a value of AED $1.09 billion. These were followed by Latin American markets, which accounted for 0.3% of total exports and re-exports in 2023 with a value of approximately $272 million.

Boosting Dubai’s Foreign Trade

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented that they were focused on boosting Dubai’s foreign trade and achieving the goals of the Dubai Economic Agenda (D33).

“Dubai Chambers remains committed to supporting members in growing their trade in key markets such as Latin America, Europe, and Asia Pacific. The establishment of 16 new representative offices in 2023 further enhances our efforts to achieve the wise leadership’s vision by strengthening our global network, diversifying the export markets of our members, and supporting Dubai’s dynamic business community,” he added.

He also underlined the impressive ability of Dubai traders to adapt to global challenges in international trade, and added: “The diversity of destinations for chamber members’ exports and re-exports reflects the agility and competitiveness of traders in Dubai.”

In H1-2023

In the first half of 2023, Saudi Arabia was the top destination for members’ exports, with the total value recording year-over-year growth of more than 15% to reach $9.53 billion.

Members’ exports to Kuwait during the same period were valued at $3.49 billion, while exports to Qatar grew by 39.3% compared to the same period in 2022 to reach a value of $3.38 billion. Exports to Oman achieved year-over-year growth of 20% in the first half of 2023, amounting to $2.12 billion.

In the wider GCC region, exports and re-exports to Egypt reached a total of $1.44 billion. Likewise, exports to Iraq soared to $1.28 billion, representing year-over-year growth of 95.8%.