Dubai external trade doubles ten times to AED 1.271 trillion since 2000

iStock

Dubai non-oil external trade has doubled tenfold between 2000 and 2019, rising from AED 143 billion in 2000 to AED 1.271 trillion in 2019.

In the first half of 2020, Dubai trade made around AED 551 billion, according to figures released by Dubai Customs on the occasion of the UAE 49th National Day celebrations.

The figures reflected the significant role the oldest government department has played in developing and enhancing Dubai and the national economy through the years.

In its long journey, Dubai Customs has gone through different stages of development. In the 1970s, it established Customs Centres to control Dubai’s sea, air and land ports. These included coastal customs centres at Dubai Creek, Port Rashid and Jebel Ali Customs Centre.

With the development of airports, customs centres were established at Dubai International Airport, Al Maktoum Airport, Air Cargo Customs centres, among others.

As of April 1 2001, Dubai Customs went into a new development phase with the launch of the Ports Customs and Free Zone Corporation.

After His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, assumed office on January 4 2006, Dubai Customs witnessed significant development in performance and services, which led the UAE to first place on the Customs Efficiency Index.

Ahmed Mahboob Musabih, Director-General of Dubai Customs, said, "Dubai Customs keeps developing and evolving to keep abreast with the latest technologies, provide its clients with the most advanced services, and maintain its global leading status. We are celebrating the 49th National Day with the development of new initiatives and projects that will help catapult us to even higher status and enable us to serve our clients in the best possible way."

Dubai Customs has facilitated customs procedures through a number of leading projects. Towards efficient communication with its clients, it organises regular meetings through the Dubai Customs Consultative Council, and it has launched Ertebaat initiative for coordination with the diplomatic missions and the foreign businesses groups.

Customs transactions completed by Dubai Customs grew 44 per cent in 5 years (2015-2019) to 13 million transactions at the end of 2019 compared to 8.9 million transactions in 2015. The growth reflects the resilience of the national economy and the pivotal role Dubai plays in the global trade. Customs transactions in the first half of 2020 grew 41 per cent to 7.252 million transactions compared to 5.138 million transactions in the corresponding period last year.

More from Business

  • UK's Jaguar Land Rover to halt US shipments over tariffs

    Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.

  • US starts collecting Trump's new 10% tariff

    U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

  • Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

    The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

  • Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

    UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).

  • China to impose tariffs of 34% on all US goods

    China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.