The report identifies Singapore as the top Southeast Asian market for Dubai Chamber members in April.
Dubai Chamber members who are trading with markets in Asia are faring better than expected despite business challenges brought forth by the (Covid-19) pandemic, a new report issued by Dubai Chamber of Commerce and Industry has revealed.
The report, entitled Asian Markets: Bright Spots amid the COVID-19 Trade Disruptions and issued to Dubai-based exporters and re-exporters who are members of the Chamber, observed signs of resilience in several markets and geographical regions, with trade activity particularly strong in Southeast and East Asian markets.
The total value of Dubai Chamber members’ Certificates of Origin (COOs) targeting Southeast Asian markets during the month of April 2020 reached Dhs 652.3 million, with overall activity in this region registering a 34 per cent year-on-year (y-o-y) growth rate for the same month, and a 119% month-on-month (m-o-m) growth rate. With respect to East Asian markets, the declared overall value of COOs in April reached Dhs 341.7 million, representing a y-o-y growth rate of 23% and m-o-m growth rate of 0.1%.
Several factors supporting Asian markets’ ability to deal with the impact of Covid-19, include past experience in dealing with pandemics, namely measures implemented to promote commerce amid restrictions and divert trade from countries under lockdown to Dubai.
In addition, large amounts of gold shipped from Dubai to Asian markets in recent months has boosted the value of the emirate’s exports – a trend that is particularly evident in Singapore.
The report identified Singapore as the top Southeast Asian market for Dubai Chamber members in April, with the value of COOs targeting the country reaching Dhs 407.5 million, marking y-o-y growth of 93% and m-o-m growth of 202%. Along with gold and associated products, including articles of jewellery, petroleum products formed the majority of members’ exports to Singapore.
New report from Dubai Chamber reveals that member companies with established business links in Southeast and East Asia are faring better than expected.
Indonesia was next most significant market in Southeast Asia for Dubai Chamber members with COOs valued at Dhs 75 million, representing a y-o-y growth of 9% and m-o-m growth of 136%. Vietnam came third with COOs valued at Dhs 52.6 million, y-o-y growth of 87% and m-o-m growth of 128%, followed by Malaysia, Philippines, Thailand, Laos, Cambodia, Myanmar and Brunei.
China was the most lucrative East Asian market for Dubai Chamber members in April of this year, with COOs for the country valued at Dhs 248.5 million, representing a y-o-y growth of 56% and an m-o-m growth of 1%. Top exports to the country included vehicles, mineral products, cooking oils, oil cake and other solid residues and copper waste/scrap.
South Korea was the second most important East Asian market in April, with COOs valued at Dhs 62.2 million. Top exports to South Korea from Dubai Chamber members included mineral products, unwrought aluminium, copper waste/scrap, and aluminium waste/scrap. Hong Kong was third in the region with COOs valued at AED 21.9 million, with its top imports from Dubai Chamber members including unwrought gold, diamonds and jewellery articles, followed by Taiwan, Japan and Mongolia.
Despite the overall challenging global trade climate imposed by the COVID-19 pandemic, Southeast Asia and East Asia are showing signs of continued growth in the form of new regional hubs for storage and distribution, as well as the expansion of existing ones, the report explained.
“The resilience of the Asian markets is very encouraging and should be a beacon of hope for businesses in the UAE, as economies in the region also begin to resume their economic and commercial activities,” the report added.
Singapore and Indonesia account for the highest value of members’ Certificates of Origin targeting Southeast Asian markets, while China and South Korea dominated East Asian markets in this category.
Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
Dubai Chamber of Commerce and Industry provides an integrated system of smart and electronic services that cover all the requirements of the business community, enabling businesses to complete all their transactions remotely easily, easily and according to the highest international standards. The Chamber is one of the pioneer provider of smart services, with smart transformation of 98% of its core services, which can be accessed using the smart application of the Chamber or by visiting the website.
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