Saudi Arabia was the largest destination for Dubai’s exports in the first eight months of 2013.

According to latest figures from Dubai Chamber of Commerce and Industry (DCCI), Saudi Arabia acquired 54 percent of the total exports and re-exports to the GCC valued AED58.7 billion or 31 percent of the period’s total exports and re-exports around the world.

“Dubai’s trade sector continues to lead the economic growth of the emirate,” says Hamad Buamim, director general, DCCI.

Meanwhile, the cumulative eight-month total exports and re-exports of DCCI members increased by 5 percent reaching the highest value of AED189.3 billion in 2013, according to the latest study.

This is the highest figure recorded for the period, surpassing the previous record of AED181 billion in 2012.

Exports to GCC countries grew in 2013. The eight-month exports to the region aggregated 58 percent and registered an 18 percent growth to reach AED109 billion. Leading the group was Saudi Arabia acquiring 54 percent of the members’ total exports and re-exports to the GCC with the value of AED58.7 billion, the study pointed out.

Saudi Arabia was followed by Qatar with a share of 16 percent, Kuwait 12 percent, the UAE 9 percent, Oman 6 percent and Bahrain 3 percent.

During the first eight months of 2013, as many as 168,065 companies accounted for shipments to Saudi Arabia, which is equivalent to 30 percent of the total number of certificates issued during the period while the total number of companies issued for the members for shipment to Qatar was 80,797 certificates.

According to the study, Qatar was the second largest export destination with a significant y-o-y increase of 30 percent reaching AED17.6 billion and pushing the country’s share to 9 percent of the total export and re-exports during the period while Kuwait was the third largest export market of members, with eight-month exports totally valued AED 12.9 billion for a y-o-y growth of 12 percent. The number of certificates of origin (COs) issued for exports to the country increased by 9 percent compared to the same period last year.

Iraq emerged as the largest non-GCC export destination taking away 39 percent share of major exports outside of the GCC, exports to the country continued to decline to an eight-month total of AED23.9 billion, representing a y-o-y decline of 12 percent in comparison to the same period last year.