Saudi Arabia overtook Iran to become Dubai's largest export/re-export destination in the third quarter, with total value of export/re-export to Saudi Arabia reaching AED12.3 billion, or 21.7 percent of the total export. The GCC countries accounted for the major share to total exports of Dubai Chamber members during the quarter. Goods destined to the region, with a total value of AED 29.9 billion, accounted for about half (52.8 percent) of total exports, growing at quarter-on-quarter rate of 6.8 percent. Despite the 2.9 percent decline in exports to Qatar, the country remained as the second largest destination in the GCC, with value of exports reaching AED5.8 billion. Exports to Kuwait grew by 13.9 percent to reach AED3.1 billion, while exports to Oman increased steadily by 23 percent, to reach AED2.4 billion, Bahrain remained to be the smallest market, despite the 11.7 percent growth of exports to a total value of AED1 billion. Trade between the domestic market of the UAE, its free zones and duty free shops reached AED5.3 billion, representing a growth of 18.3 percent for Q3-2008. On the other hand, exports to Iran posted a double-digit quarter decline of 15.4 percent to a total value of AED11.8 billion, down by more than AED2 billion from a total value of AED 14 billion registered during the previous quarter. Total export to other destinations decline from AED7 billion in the second quarter to AED5.2 billion in the third quarter, posting a quarter decline of 25.7 percent. Exports to Lebanon and Oman post the largest quarter increases Exports to destinations that had posted quarter growth in Q3 of 2008 contributed a total increase of AED4.8 billion from their corresponding exports in Q2 of 2008. Leading the list of top growth contributors was Lebanon. Total export to Lebanon in Q3-08 amounted to AED915 million, registering a quarter growth of 114 percent and contributing AED487 million to the total increase in exports during the quarter, Lebanon had jumped from the 19th position in Q2-08 to be placed in the 12th for Q3-08. Posting a quarter increase of AED 454 million, Oman was the second largest contributor to export growth of Dubai in Q3-08, valued at AED2.4 billion, representing quarter growth of 23.3 percent. Meanwhile export to Egypt posted a significant quarter growth of 28 percent remained the country similar to its positioning in Q2-08. In terms of growth rate, Chad topped the list, growing from a total export value of only AED31 million in Q2-08 to AED241 million in Q3-08, for a growth of more than six folds. Consequently, from a rank of 31st largest markets in Q2-08, the destination jumped to rank 21st. Other markets which contributed more than AED 100 million to export growth during the quarter were KuwaitLibya, Jordan, Saudi Arabia, India and Bahrain. Exports to Iran and American Samoa represent the largest quarter declines. Major destinations that declined in Q3-08 contributed to a loss of AED5.8 billion, to their corresponding export value in the previous quarter. Leading the list was Iran, with exports to the country representing a decline of AED2.2 billion from the previous quarter value. In terms of rate of decline, however, export to American Samoa posted the largest decline of AED802 million, it was mainly because exports to the market surged to an unprecedented heights in the previous quarter, but which was not sustained. Other destinations that had significant contributions to the declines in exports in Q3-08 were Algeria, USA, Yemen, Indonesia, Sudan, Qatar and China. __
