During the first quarter of 2021, Dubai’s external trade in non-oil sectors has overcome pre-covid levels, reaching the sum of 354.4 billions (10% more than the sum registered in the first quarter of 2020). Even the number of custom transactions has steeply raised: there have been 11.2 million transactions in the fist half of 2021, while they were only 7.3 millions in the same period of 2020.
Such growth in the number of custom transactions is partly due to the Emirati custom tariffs which are among the lowest in the whole world. Custom declarations have raised by 66.6% in the first half of this year. They have reached the number of 10 millions, while in the first half of last year they have been only 6 millions.
All this data prove the resilience and versatility of the Emirati economy. The country has been able to efficiently and quickly absorb even the most severe shocks. The Dubai government has always played a pivotal role in easing and improving the transactions with and within the country, making Dubai one of the main hubs of global commerce.
The Dubai leadership has worked hard to speed up the completion of the transactions and to ease the flux of foreign trade. Furthermore, there has been a prompt response to the covid challenge: the country has put into force extraordinary measures to monitor and face the menace. This has raised the level of confidence that businesses have for the government. Finally, many projects aiming at easing trade have seen the light. Among them, the ”Electronic Confirmation of Exit/Entry” which fastens the refund processes asked to the Dubai Customs.
Susanna Schiavon