Dubai Chamber Members Diversify Trade Destinations, Reaching Markets Beyond GCC

Dubai Chamber of Commerce members are expanding their reach beyond traditional markets,with a significant portion of exports and re-exports heading to regions outside the Gulf Cooperation Council (GCC).

In 2023,Dubai Chamber members achieved a combined total of AED 284.5 billion in exports and re-exports,showcasing the dynamism of Dubai's business community.Notably,non-GCC countries in the Middle East region became a major destination,accounting for 21.8% of the total trade value,reaching AED 62 billion.

"We are focused on boosting Dubai's foreign trade and achieving the goals of the Dubai Economic Agenda (D33)," said His Excellency Mohammad Ali Rashed Lootah,President and CEO of Dubai Chambers."Dubai Chambers remains committed to supporting members in growing their trade in key markets such as Latin America,Europe,and Asia Pacific."

The diversification of export destinations reflects the agility and competitiveness of Dubai's traders.The Asia-Pacific region emerged as the third-largest market,with 9.5% of the total trade value at AED 27 billion.African markets followed closely at 7.9%,representing AED 22.4 billion in trade.

Europe and North America,while accounting for smaller percentages (3.5% and 1.4% respectively),still hold importance with a combined value exceeding AED 14 billion.Even Latin American markets,representing just 0.3% of the total trade,demonstrate Dubai's expanding global reach.

This growth is attributed in part to Dubai Chambers' dedication to strengthening its global network.In 2023,the establishment of 16 new international representative offices further facilitated connections and trade opportunities for Dubai businesses.

"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," commented His Excellency Lootah.

Dubai's impressive trade performance highlights the emirate's position as a global trade hub.By fostering a stimulating business environment and supporting diversification efforts,Dubai Chamber of Commerce is well-positioned to propel Dubai's foreign trade to even greater heights.