A hike of 42% in trading between Dubai Chamber member & Africa

Dubai Chamber member firms’ exports and re-exports to West Africa increased by 42% in the first five months of 2021 to a record $387 million, fueled by a rebound in trade activity, recent analysis shows.

Dubai Chamber released the analysis as it prepares to host the 6^th Global Business Forum Africa in Dubai this October in cooperation with Expo 2020 Dubai. The data revealed that 3,201Certificates of Origin for West Africa-bound shipments were issued between January and May 2021, marking a year-over-year increase of 20 percent.

When compared to prior years, the export markets targeted by member companies were more balanced and diverse, indicating that Dubai-based exporters are diversifying their markets.

Nigeria was the most important West African export market for member companies, accounting for 32% of the value of exports and re-exports to the region, followed by Ghana (17%), Ivory Coast (12%), Guinea (12%), Senegal (8%), and Mali (8%). (4 percent ).

Exports to the region were also diverse in terms of product categories. Plastics accounted for 31% of exports, with electrical machinery/electronics (14%) and machinery/mechanical appliances (13%) following closely behind (6 percent ).

According to the International Trade Center (ITC), UAE traders have the potential to treble their exports and re-exports to Western African markets, which are now worth $2.1 billion.

In terms of markets, Nigeria is now the greatest market for member exports, but it still has a $544 million annual gap in exports that UAE traders might fill in the near future. Senegal is second with $397 million in untapped export potential, followed by Ghana with $365 million.

Polyethylene, sugar cane and rice, trigger batteries, polypropylene, textiles from yarn and milk powder, pure copper wires, and other items are among the commodities with the greatest untapped potential for export and re-export enterprises in the West African region.

Dubai Chamber promotes firms exploring attractive African markets through its network of representative offices. These offices, which are located in Ethiopia, Ghana, Mozambique, and Kenya, evaluate market prospects for Dubai Chamber member companies and provide assistance to African companies interested in entering the Dubai market.