An increase in certificates of origin for consignments destined for it amounted to 486.3 million dirhams
Dubai Chamber: The emirate’s exports to China hit a record high in August
Most of the declared value of the certificates of origin issued for shipments destined for China came from vegetable oil.
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The Dubai Chamber of Commerce and Industry reported that the total number of certificates of origin issued by it, which targeted China during last August, set a new record, reaching 326 certificates, bringing the total number of the first eight months of this year to 1936 certificates, which means an annual growth of 39%, compared to the same period in 2019.
In a report obtained by Emirates Today, the Chamber stated that the rise in export activity was effectively reflected through the increase in the declared value of certificates of origin issued for shipments destined for China during August 2020, which amounted to 486.3 million dirhams, a new record.
The report added that China has emerged since the beginning of this year until now as the best performing large market for exporters who are members of the Chamber, indicating that as a result, it occupied a place in the list of the top 10 markets (the 10th in terms of value), after rising four ranks in less than Public.
According to the report, as a result of the remarkable acceleration in activity witnessed in recent months, the total declared value of certificates of origin targeting China during the period from January to August 2020 amounted to about 2.42 billion dirhams, which is represented by a growth of 50% on an annual basis compared to the same period of last year.
Details of the total declared value of the certificates of origin issued for shipments destined for China by type of commodity revealed that most of the declared value for August came from vegetable oil (such as rapeseed oil / rapeseed oil), and plastics (such as alpha-ethylene-olefin polymers, polyether). , Polyethylene), at 28% each.
Sugar came in third place, contributing another 16% of the total, followed by minerals with 9%, and food processing waste / residues (such as livestock feed) with 7%.
The remaining 12% of the total declared value of the certificates of origin came from paper products (i.e. recycled inlay sheet paper), chemicals, wood, textiles, and more.
According to the Chamber's report, Dubai has emerged in recent months as the main supplier of rapeseed oil / rapeseed oil to the Chinese market, while Canadian oil remains the dominant one, and market analysts reported in August that Chinese traders continue to seek diversification away from the main source of their imports, due to The high price of Canadian oil compared to alternative sources, such as Europe, Russia and the UAE.
Moreover, the ongoing political tensions between China and Canada, and supply chain disruptions due to the "Covid-19" epidemic, were also cited as major factors for increasing demand for alternative suppliers, as these factors were positively reflected on exporters in Dubai.
The Dubai Chamber report indicated that, apart from the remarkable boom in rapeseed oil exports, sugar is another product for food industries in Dubai, which is gaining increasing popularity in the Chinese market.
326
A certificate of origin issued by the "Dubai Chamber" targeting China during August 2020.
China ranked 10th in terms of value in Dubai's top 10 markets list.
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