Abu Dhabi Chamber Reports Significant Growth In Issuing Export Certificates

The Abu Dhabi Chamber of Commerce and Industry, in collaboration with Etihad Credit Insurance (ECI), has published a research paper. This study revealed a 23.8% year-on-year increase in the number of certificates of origin issued between January and May 2024, compared to the same period in 2023.

The chamber's report highlighted that this growth signifies Abu Dhabi's expanding export activities. It also underscores local initiatives aimed at enhancing trade opportunities and boosting the UAE's global trade presence.

The research identified the top 10 regional and global markets targeted by Abu Dhabi Chamber members for exports. These markets include Saudi Arabia, Kuwait, Oman, Qatar, USA, Egypt, Bahrain, Jordan, Iraq, and India.

Additionally, the study noted an increase in local commercial activity compared to 2023. This rise coincides with a growing number of new industrial companies registering with the Abu Dhabi Chamber.

The transportation and storage sector experienced a notable 78% increase between January and May 2024 compared to the same timeframe in 2023. This sectoral growth reflects broader economic trends within Abu Dhabi.

By the end of 2023, the total value of the UAE's non-oil foreign trade with countries having Comprehensive Economic Partnership Agreements (CEPA) surpassed AED390 billion. These agreements have played a crucial role in driving economic growth and expanding market access for Emirati businesses.

Diverse Export Destinations

The paper highlighted that non-oil goods from the UAE are now exported to a diverse range of global destinations. Asia emerged as the leading export destination, followed by the European Union and North America.

Other significant regions include the European Free Trade Association (EFTA) and Africa. There has also been notable growth in exports to South America, Eastern Europe, Oceania, and Central America.

Comprehensive Economic Partnership Agreements

As of July 2024, the UAE has signed 12 CEPAs with various countries at both regional and global levels. Discussions are ongoing to establish new agreements with promising markets.

The CEPAs have significantly contributed to economic growth by enhancing access to new foreign markets for Emirati businessmen. They have also expanded Abu Dhabi's export portfolio and facilitated entry into major markets such as India, Indonesia, Turkey, Korea, and Malaysia.

This includes a variety of products such as electronic equipment, machinery, metals, medicine, vegetable oils, among others.

The patterns of exporting non-oil goods from the UAE now encompass a diverse global scope. The study observed that Asia is currently leading as an export destination for these goods.

This comprehensive analysis reflects Abu Dhabi's efforts to boost its trade footprint globally while supporting local commercial activities through strategic partnerships and agreements.

With inputs from WAM