The worth of Dubai Chamber members’ exports and re-exports to Latin America surged 69 per cent to succeed in a file $60.5 million within the first quarter of 2021, a development supported by elevated exercise amongst firms in Dubai which can be already buying and selling with the area.
New information launched Dubai Chamber of Commerce and Trade indicated that the rise in Latin America-bound shipments amongst members mirrored a long-term development reasonably than a Covid-led rebound because the declared worth of COOs elevated at a compound annual progress price (CAGR) of 17.4 per cent since Q1-2016.
The uptick in exports got here as Dubai Chamber steadily expanded its presence and actions in Latin America in recent times. After opening its first consultant workplace within the area in Brazil in 2017, the organisation established two extra workplaces in Panama and Argentina, which play an important function in figuring out commerce and funding alternatives in promising markets.
As well as, the workplaces organise commerce missions, enterprise boards and high-level conferences, whereas additionally they promote Dubai as a worldwide enterprise hub at main exhibitions and conferences.
Three quarters of the $60.5 million price of exports and re-exports to Latin America in Q1-2021 had been attributed to 3 key markets — specifically, Brazil, which accounted for the most important share of 36 per cent, adopted by Mexico (26 per cent) and Venezuela (14 per cent). The entire variety of COOs issued for shipments focusing on Latin America in Q1-2021 reached a file 739 certificates, which is double the extent recorded 5 years in the past.
In keeping with 2019 estimates by the Worldwide Commerce Middle (ITC), there’s an untapped export potential of $545 million in UAE exports to Latin America a 12 months. This presents a possibility for UAE firms to double the worth of exports to the area within the brief time period.
In keeping with ITC estimates, Mexico stands to supply the very best progress potential for UAE exporters in Latin America with an estimated $174 million price of potential exports that could possibly be realised within the close to time period. Brazil is second with $118.5 million, adopted by Colombia with $59 million.
Different promising Latin America markets, specifically Chile, Peru, Argentina, Panama, Uruguay, Paraguay and El Salvador provide a cumulative $194 million in annual untapped potential for UAE exporters, in accordance with the estimates.
Supply: Khaleej Occasions