Dubai exports back to normal monthly average

Nicosia, Oct 11 (ANI): The Director General of the Dubai Chamber Hamad Bu Amim has said that Dubai exports have gone back to the monthly average of over Dh15 billion in the last three months.

"The export trends of Dubai touched upon the rapid growth of monthly exports of Dubai Chamber members from 1996 to 2008 peaking at almost Dh25 billion in October 2008.

However, as oil prices in the world began to slide, Dubai's exports fell drastically in November, reaching a low monthly value of less than Dh15 billion, and continued to decline in the first five months of 2009," the Dubai Chamber Director said.

Bu Amim added that the trend also indicated that although exports fell, the number of exporters and export markets remained steady as exporters continued their global trading activities, ready to take advantage of a market recovery when the demand for oil rose.

"With an expected easing of liquidity conditions and the recovery of investor confidence, exports and re-exports are likely to resume rising in the months ahead," he said.

It should be noted that Dubai exports and re-exports products to 150 countries and remains an international commercial hub.

Dubai's export turnover this year is similar to that of 2007. (ANI)