GCC top export market for Dubai firms, value tops $43bln

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The Gulf Cooperation Council (GCC) remained the top global export and re-export market destination for member companies of Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers in 2023, representing 55.6% of total exports and re-exports valued at approximately of AED158.1 billion ($43.05 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 AED284.5 billion ($77.46 billion) in 2023.

Non-GCC countries in the Middle East region accounted for 21.8% of total exports and re-exports with a total value of AED62 billion. The Asia-Pacific region was the third largest market with 9.5% of members’ exports and re-exports at a combined value of AED27 billion. African markets ranked fourth on the list, accounting for 7.9% of chamber members’ exports and re-exports with a value of AED22.4 billion.

European markets ranked fifth, accounting for 3.5% of total exports and re-exports with a value of AED10.1 billion, while North American markets ranked sixth with 1.4% of the total and a value of AED3.9 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 AED1 billion.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “We are 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 underlined the impressive ability of Dubai traders to adapt to global challenges in international trade, adding: “The diversity of destinations for chamber members’ exports and re-exports reflects the agility and competitiveness of traders in Dubai.”