Dubai Chamber of Commerce members' exports rise 20% in first eight months of 2022

Total exports and re-exports of member companies during the January-August period surged to $48.19bn

More than 27,100 companies joined the Dubai Chamber of Commerce in the first eight months of 2022, marking a 69 per cent annual increase. Photo: Dubai Chamber

Exports and re-exports of Dubai Chamber of Commerce member companies rose more than 20 per cent annually in the first eight months of the year.

This came as the emirate's economy continues to recover from the coronavirus pandemic.

Total exports and re-exports of member companies during the January-August period surged to Dh177 billion ($48.19bn), Dubai Chamber said on Monday.

“The growth reflects the positive impact of Dubai Chamber's specialised approach to supporting member companies with global expansion and improving ease of doing business in Dubai,” Abdulaziz Al Ghurair, chairman of Dubai Chambers, said.

“Such efforts enhanced Dubai Chamber's ability to serve the business community and identify attractive trade opportunities that offer the potential for member companies.”

Dubai's economy, which made a strong rebound last year from the coronavirus-induced slowdown, has carried the growth momentum into this year. This has been supported by the resurgent travel and tourism sector and a rapidly improving property market.

The emirate's economy grew by 6.2 per cent in 2021, preliminary data from the Dubai Statistics Centre showed. In the first three months of this year, Dubai's gross domestic product expanded by 5.9 per cent, according to government data.

Business activity in Dubai's non-oil private sector economy last month climbed to a 38-month high as demand growth strengthened and input costs fell at record pace. The emirate's headline, seasonally adjusted S&P Global purchasing managers' index rose to 57.9 in August, from 56.4 in July, its highest reading since June 2019.

The number of certificates of origin issued by the Dubai Chamber in the first eight months of the year climbed by 9.8 per cent to reach 476,000, it said.

A certificate of origin is a document declaring in which country a commodity or good was manufactured, online financial encyclopedia Investopedia says. It has details about the goods, its destination and the country of export.

Electronic transactions, meanwhile, rose by 12.7 per cent annually to more than 642,000 as Dubai Chamber continues to focus on the digital transformation of its core services.

"The positive momentum would continue as Dubai Chamber makes headway on meeting the objectives outlined under its 2022-2024 strategy, while it continues to launch strategic initiatives to enhance economic competitiveness, attract promising businesses to Dubai and expand the emirate’s trade ties with high-potential markets," Mr Al Ghurair said.

More than 27,100 companies joined the chamber in the first eight months of the year, marking a 69 per cent annual increase. The total membership by the end of August stood at 314,000, the chamber said.