Dubai’s trade sector is forecast to record robust demand in 2018, supported by key factors such as price competition, accessibility and global demand, according to a new survey from the Dubai Chamber of Commerce and Industry.

The results of the Dubai Chamber Traders Outlook Survey 2018 were revealed during a business seminar hosted recently at Dubai Chamber’s premises which was attended by traders and representatives from the local business community, reported Emirates news agency Wam.

According to the survey, traders of household goods were most optimistic about their performance in 2018, followed by those operating in the machinery, consumer goods, and textiles sub-sectors. A strong majority of survey respondents said they expect customers to be more selective and demanding in the near future.

Most of surveyed traders said they are planning to boost their competitiveness this year, and identified efficiency and cost cutting, e-commerce, supply chain management, use of market information and product diversification as key areas where they hope to improve their operations.

The survey outlined several recommendations for businesses to address current market challenges, including introducing easy and flexible payment options, product differentiation, transporting in bulk to reap economies of scale, negotiating rents or considering new rental options, and exploring new markets in Africa and Latin America which may potentially offer more growth opportunities.

The business seminar at the Chamber concluded with a detailed presentation on attractive trade opportunities in South America and high-potential product categories where Dubai traders could diversify and boost their exports to the continent.

Among the products that offered some of the highest revealed competitive advantage (RCA) to UAE exporters were aluminium and articles, ships, boats, floating structures, organic chemicals, manufactures of straw and basket ware, precious metals and stones, as these products could be in demand in potentially growing South American markets.

Brazil was identified as the top market in South America in terms of the number of high RCA products for UAE exports, followed by Ecuador, Peru, Guyana, Paraguay and Argentina.