The chamber says the growth is a long-term trend, not a COVID-19-led rebound, and that there is untapped export potential of $545mln
Dubai’s exports to Latin America have seen a 69 percent leap, with Brazil and Mexico taking the largest market shares, according to Dubai Chamber of Commerce & Industry (DCCI).
Data from DCCI showed that the exports and re-exports to the region reached a value of $60.5 million in the first quarter of 2021, which the chamber said was a reflection of a long-term trend, not a COVID-19-led rebound.
Brazil accounted for the highest percentage of issued certificates of origin (COOs) at 36 percent, followed by Mexico, at 26 percent, then Venezuela at 14 percent.
The chamber said the declared value of COOs had increased at a compound annual growth rate (CAGR) of 17.4 percent since Q1-2016.
“The uptick in exports came as Dubai Chamber gradually expanded its presence and activities in Latin America in recent years,” the chamber said in a statement.
“After opening its first representative office in the region in Brazil in 2017, the organisation established two more offices in Panama and Argentina, which play a crucial role in identifying trade and investment opportunities in promising markets.”
According to estimates by the International Trade Center (ITC), there is an untapped export potential of $545 million in UAE exports to Latin America per year, which presents an opportunity for UAE companies to double the value of exports to the region in the short-term, the chamber concluded.
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