Dubai Chamber has launched a new online business intelligence tool to help traders identify untapped potential in 30 promising markets across the MENA region, Asia, Africa and Europe.
There are 26 major commodities listed on the platform, with an estimated $10.5 billion worth of untapped opportunities that exporters in the UAE can capitalise on.
The analysis is based on the export potential indicator, produced by the International Trade Centre (ITC), which identifies the untapped export potential using an economic model that considers the exporter’s supply, the target market’s demand, market access conditions, and bilateral trade relations.
Hamad Buamim, President & CEO of Dubai Chamber, highlighted that the new offering provides valuable insights to help exporters effectively target strategic markets and explore concrete business prospects.
He noted that the launch of the online tool falls in line with a new target recently announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s foreign trade from AED 1.4 trillion to AED 2 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,” said Buamim.
Jewellery tops the list of commodities offering the most export potential, with an estimated annual export gap of $6.6 billion. Hong Kong is identified as the market with the highest untapped potential for jewellery ($1.5 billion), while its current jewellery imports from the UAE is valued at $1.1 billion.
Meanwhile, copper wire has the second highest export gap valued at $924 million, with India identified as the market with the most untapped potential at $208 million.
The products with the third highest potential for exports are identified as beauty, make-up and skin care preparations, which have a total gap value estimated at $350 million. The three Asian markets of China, Hong Kong and Singapore offer the most potential for these commodities.
