Dubai vehicle re-exports to Libya fall by 62%
Regional unrest impacts machinery and vehicles trade out of Dubai
New data from Dubai’s Chamber of Commerce reveals how exports and re-exports of machinery and vehicles fell sharply in the first four months of the year in the countries caught up in civil unrest.
Dubai’s trade of machinery and industrial products shrunk by 14% to $220m between January and April to Egypt, however this was a relatively mild drop in comparison to Libya and Yeman despite disruption starting earlier in the country.
The trade of machinery to Libya from Dubai declined by 55% to $73million and in Yemen it fell by 43% to $43 million.
Libya's imports of vehicles from Dubai during the first four months of the year also fell by 62% to $27 million.
In Tunisia, exports and the re-export of machinery and mechanical appliances rose by 2% to $13 million and vehicles grew by 14% to $4 million.
The study noted that exports and re-exports to Egypt, Libya, Yemen, Syria, and Tunisia totaled $38 billion in 2010 and had been forecasted to grow this year. However the political unrest has largely frozen those potential increases.
More positively, it predicted that regime change, reform and economic development would help trade recover as the demand for raw materials, machinery and vehicles increses.