256 certificates of origin targeting China during May 2020
27% annual growth in exports and re-exports of Dubai Chamber members to China
The Dubai Chamber has identified 3 engines for growth in exports and re-exports of its members to China. Archives
A recent analysis of the Dubai Chamber of Commerce and Industry revealed that the exports and re-exports of its members to China witnessed a growth during May 2020, despite the challenges of the spread of the "Covid-19" pandemic, reaching 283.2 million dirhams, with a monthly growth rate of 14% compared to last April, and a growth rate Annual rate of 27% compared to May 2019.
The analysis showed that the total number of certificates of origin that targeted China during May 2020 reached a record level, reaching 256 certificates of origin, an increase of 18% compared to the previous April, which raised the annual growth rate of the number of certificates to 26% compared to the same month of 2019.
A breakdown of the declared total value of the certificates of origin issued to members of the Dubai Chamber issued for shipments destined for China according to the type of commodity shows that most of the value resulted from exports of vegetable oil (rapeseed oil / colza oil) with a share of 53%. Plastics, such as composite polymers ethylene and polyethylene, contributed 25% of the total, followed by food processing residues (such as livestock feed), which contributed 12% of the total.
The remaining 10% came from paper products (pressed paper made from recycled cardboard), chemical products, sugar, synthetic filaments, wood and composites.
The analysis identified three drivers of growth in exports and re-exports of members of the Dubai Chamber to China, namely, Dubai's development of its capabilities in extracting and processing rapeseed oil in recent years, its ability to meet the growing Chinese demand, the natural growth of trade relations with China, in addition to the continuous diversification of exports.
According to the analysis, Dubai has emerged in recent months as the second largest supplier of "rapeseed oil / colza oil" to the Chinese market.
He pointed out that although imports of Canadian rapeseed oil were not banned, their volume suffered a 15% decline in 2019, but with Dubai developing its capabilities in extracting and processing rapeseed oil in recent years, commercial companies have managed It helped to quickly bridge the gap in the Chinese market, by increasing its exports of this commodity, which in turn gave a strong boost to Dubai's total exports.