It includes 30 markets, with a value of 38.5 billion dirhams, to export 26 commodities
An innovative initiative to stimulate the export performance of Dubai traders through “untapped opportunities”
The initiative contributes to achieving Dubai's vision of increasing foreign trade to two trillion dirhams over the next 5 years.
Hamad Buamim: "The initiative helps consolidate Dubai's position as the global capital of international trade."
The Dubai Chamber launched a new initiative on its website aimed at reviewing untapped export opportunities in the target markets with the aim of stimulating the economic performance and foreign trade of the Emirate of Dubai, as part of its constant endeavor to provide the best services to the business sector, and as part of its efforts to familiarize its members with investment and export opportunities in emerging and promising markets.
The new service contributes to opening new horizons to enhance the export capabilities of a group of specific commodities and to important strategic markets globally, by identifying the export gap that Dubai traders can take advantage of in exporting to these markets.
This initiative is available as a new service provided by the Chamber on its website, where information and assessments about export gaps for specific commodities in certain markets are provided, enabling businessmen in Dubai to benefit from them by exporting about 26 listed commodities to 30 markets around the world, especially Specific country markets in Europe, the Gulf Cooperation Council, the Middle East and North Africa, Africa and Asia.
The Dubai Chamber estimated the total annual value of the export gap at about 10.5 billion US dollars (38.5 billion dirhams), which means that there are untapped export opportunities in these markets worth 10.5 billion dollars that Dubai and UAE traders can benefit from to enhance their export performance and global competitiveness.
The new initiative plays an important role in contributing to Dubai achieving its strategic goal of increasing foreign trade from 1.4 trillion dirhams to two trillion dirhams over the next five years, as it contributes to enhancing export-related trade operations by providing sufficient information that enables businessmen to have a vision They are clear about the reality of the markets, and at the same time they can target the most suitable markets for the goods they want to export.
Hamad Mubarak Buamim, Director General of the Dubai Chamber, said: “Our initiative, based on accurate and specialized studies, is a new service that we place in the hands of our members and traders to help them access markets and investment opportunities, enhance their competitiveness and flexibility in these exceptional circumstances, and transform challenges into opportunities by identifying export goods. required in specific markets and export to them.
He added: “By identifying markets that offer better opportunities, we provide mechanisms to enhance the capabilities of exporters and their access to lucrative global markets.
This new initiative is clearly in line with Dubai's plan for foreign trade, and helps us consolidate the emirate's position as a global capital for international trade."
List of goods
List of goods
According to the mechanism reviewed by the initiative, jewelry comes at the top of the list of commodities that can be used in future export operations, with an annual export gap of $6.6 billion. The Hong Kong market has the highest untapped potential in jewelry exports, which is estimated at $1.5 billion, with its current jewelery imports from the UAE amounting to $1.1 billion. Switzerland currently has the largest share of jewelry exports from the UAE, estimated at $4.6 billion, yet it still has an untapped potential of $1.3 billion, putting the central European country in joint second place in terms of "untapped" export potential. With Iraq, which in turn has an untapped potential of $1.3 billion.
Copper wire is also the commodity identified by Dubai Chamber data as the second highest export gap at $924 million, with India identified as the market with “untapped” potential worth about $208 million, and India’s current imports of copper wire from the UAE are 453 Million dollars.
Cosmetics, make-up and skin care products ranked third among goods with untapped export potential, with an estimated total gap of $350 million.
Asia's three markets, China, Hong Kong and Singapore, occupy the top three positions in terms of countries' potential in these commodities.
China also occupies the first place with untapped potential for beauty, makeup and skin care products estimated at 186 million dollars, with current exports reaching only three million dollars, followed by Hong Kong with export capabilities of 64 million dollars, where current exports reach 6.5 million dollars, then Singapore with potentials of up to 64 million dollars. $24 million, of which current exports amount to $2.4 million.
Export Potential Index
Export Potential Index
The market and commodity analysis within the initiative is based on the ITC Export Potential Index, which identifies untapped export opportunities and potential from an economic model that assesses several key factors, including bilateral trade relations, market access conditions, exporter supplies, and demand. from the target market.
Among the other 26 commodities identified under this initiative are tea, gold, preserved or prepared fish, soap, printed books and brochures, machine parts, electrical appliances, public transport vehicles, perfumes, food preparations and others.
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