Dubai's non-oil foreign trade up 10% to $96.48bln in Q1

Dubai showed quick recovery from the repercussions of COVID-19 in different economic sectors thanks to the resilient strategies and plans the emirate followed in the face of the pandemic, and the dynamic and wise initiatives directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The trade sector continued its growth exceeding the pre-COVID-19 period.

Transactions completed by Dubai Customs reached 11.2 million transactions in the first half of 2021, staggeringly growing 53.4 percent from 7.3 million transactions in the corresponding period in 2020.

This reflects a versatile and resilient economy that can absorb severe shocks like that caused by the pandemic.

It also reflects the vital role Dubai plays as a global trade hub and the resilience of its infrastructure and systems in dealing with tough challenges including COVID-19.

"Dubai is leading the global recovery way. The emirate’s non-oil external trade grew 10 percent to AED354.4 billion in Q1, 2021, from AED323 billion in the corresponding period in 2020," said Ahmed Mahboob Musabih, Director-General of Dubai Customs.

"We work with all our energy to develop systems and programmes that speed up the completion of transactions and the flow of foreign trade movement in the Emirate. This comes as part of our quest to realise the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum to hit the AED2 trillion milestone in external trade.''

"The trade sector in Dubai plays a pivotal role in supporting the economy. We work hard in Dubai to ensure the continued success of this sector, helping Dubai maintain its leading global position as a global hub for business and investment. We developed several programmes and plans to facilitate trade including the recent ‘Electronic Confirmation of Exit/Entry’ initiative, which was launched in cooperation with DP World, UAE Region. The project eases the process of refund claims submission at Dubai Customs, saves time and cost, while further expediting the exports of all kinds of goods.

"Dubai Customs has launched 24 initiatives, which are dedicated to serving the visitors and exhibitors of Expo 2020 Dubai. The initiatives are fully integrated with other government partners’ systems."

Dubai Customs completed 11.16 million transactions through smart and electronic channels (99.6 percent). Nearly 7.9 million customs transactions (70.8 percent) were completed through smart channels, 3.2 million (28.8 percent) through electronic channels, and only 41,800 (0.37 percent) transactions were done manually.

Customs declarations rose 66.6 percent in the first six months of this year to reach 10 million declarations compared to six million declarations in the corresponding period in the previous year.

This means more than 55,500 declarations a day on average. This big figure would not have been achieved without the outstanding technological structure in place including the advanced Smart Workspace, which helped complete a declaration in four minutes on average.

The transactions also included 475,900 claim requests, 298,000 certificate and report requests, 139,800 customs inspection date booking requests, and 110,600 business registration requests.

 

Source: https://www.zawya.com/mena/en/economy/story/Dubais_nonoil_foreign_trade_up_10_to_9648bln_in_Q1-WAM20210807112007794/

 

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