Dubai Chamber has launched a new online business intelligence tool to help Dubai traders detect the untapped potential for exporting commodities to 30 prospective markets across the MENA region, Asia, Africa and Europe.
There are 26 primary commodities listed on the marketplace, with a total market capitalization of $10 billion. There are billions of dollars in untapped prospects for UAE exporters.
The research is based on the International Trade Center’s (ITC) export potential indicator, which uses an economic model to identify untapped export potential by considering the exporter’s supply, the target market’s demand, market access conditions, and bilateral trade connections.
According to H.E. Hamad Buamim, President and CEO of Dubai Chamber, the new service delivers vital data to enable exporters better target strategic markets and explore real business opportunities. He added that the tool’s launch coincides with His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. They recently established a new goal to increase Dubai’s international trade from AED1.4 trillion to AED2 trillion over the next five years.
“By identifying the markets that offer most trade potential, we are giving our members access to exciting export opportunities that can help them expand their global reach. The new initiative furthers Dubai Chamber’s proactive approach to exploring promising markets around the world through its network of international offices that are opening new doors of opportunity for our members,” HE Buamim said.
With a projected yearly export gap of $6.6 billion, jewelry is at the top of the list of commodities with tremendous export potential. Hong Kong has been highlighted as the market with the most significant untapped potential for jewelry ($1.5 billion), with $1.1 billion in current jewellery imports from the UAE.
Copper wire has the second-largest export gap, worth $924 million, with India being the market with the most untapped potential, worth $208 million. Beauty, make-up, and skin care preparations have the third most enormous export potential, with a total gap value assessed at $350 million. China, Hong Kong, and Singapore are the three Asian markets with considerable potential for these commodities.
