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FINANCIAL NEWS
Regional unrest slows Dubai re-export market growth
17 Jul 2011
(MENAFN) According to Dubai Chamber of Commerce and Industry data, Dubai’s re-exports rose by 17 percent from the same period last year to USD27.22 billion during the first five months 2011, despite regional unrest and sanctions against political leaders taking a toll on some markets.
The rise in Dubai’s re-export market was fueled by a 90.6 percent increase in shipments to Iraq. The Nigerian, Pakistani, and Yemeni markets showed 22.7 percent, 21.9 percent, and 17.5 percent growth, respectively.
The Libyan re-export market fell 70.4 percent year on year while the Egyptian market fell 31.9 percent. Re-exports to Sudan dropped 13.3 percent, and Syrian shipments fell 11.1 percent. Outward shipments to Bahrain declined by 6.1 percent, Dubai Chamber of Commerce and Industry data showed.
Re-exports account for the largest portion of Dubai’s total trade. Despite the recent disturbances, Dubai is positioned to continue to grow as a trade hub due to underlying demand, Tim Evans, head of trade and supply chain in the Middle East and North Africa for HSBC, said.
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