GCC revealed as top export and re-export market for Dubai Chamber of Commerce members in 2023 with 55.6% of total exports valued at AED 158.1 billion
The Dubai Chamber of Commerce, one of the trio of chambers under the Dubai Chambers' umbrella, has disclosed that the Gulf Cooperation Council (GCC) retained its status as the prime global export and re-export market for member companies in 2023. It accounted for 55.6% of total exports and re-exports, amounting to approximately AED 158.1 billion. These statistics underscore the enduring importance of the GCC market in the trade endeavors of chamber members.
Outside the GCC, non-member countries in the Middle East region comprised 21.8% of total exports and re-exports, with a collective value of AED 62 billion.
The Asia-Pacific region emerged as the third-largest market, representing 9.5% of members' exports and re-exports, totaling AED 27 billion.
African markets secured the fourth spot, contributing to 7.9% of chamber members' exports and re-exports, valued at AED 22.4 billion.
European markets ranked fifth, constituting 3.5% of total exports and re-exports, with a worth of AED 10.1 billion, while North American markets followed in sixth place, comprising 1.4% of the total, with a value of AED 3.9 billion.
Subsequently, Latin American markets accounted for 0.3% of total exports and re-exports in 2023, with a value of approximately AED 1 billion.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, remarked, "We are dedicated to enhancing Dubai's foreign trade and realizing the objectives of the Dubai Economic Agenda (D33). Dubai Chambers remains steadfast in assisting members in expanding their trade in pivotal markets such as Latin America, Europe, and the Asia Pacific. The establishment of 16 new representative offices in 2023 further bolsters our endeavors to fulfill the visionary leadership's aspirations by reinforcing our global network, diversifying our members' export markets, and supporting Dubai's vibrant business community."
His Excellency emphasized the remarkable adaptability of Dubai traders to global challenges in international trade, stating, "The variety of destinations for chamber members' exports and re-exports reflects the agility and competitiveness of traders in Dubai."
The total value of exports and re-exports by Dubai Chamber of Commerce members amounted to AED 284.5 billion in 2023.
