All You Need To Know About UAE Imports And Exports
The UAE has been positioned to be a hub for international trade between Asia, Europe, and Africa on an east-west axis and the CIS on a north-south axis. Are you looking to export and import in UAE? Then here we mention all you need to know about UAE Imports and Exports. We will be describing the products that you could export to UAE in this article. We will also discuss the most important requirements and processes for exporting to UAE. SAG Logistic is a leading logistic company in dubai that gives reliable IOR services in several countries.
A vital part of the UAE’s economy is trading, as this is one of the richest countries in the world when it comes to crude oil and petroleum-based products. In addition, the UAE imports several products, among which foodstuffs, machinery, and equipment rank first among imports.
Although the UAE was a major exporter of crude oil and natural gases until very recently, it has shown remarkable growth and development. The major export commodities now include non-oil products. Companies involved in trading and dealing with UAE imports or exports must register with the relevant authorities, such as the UAE customs.
Recent surveys have shown that the United Arab Emirates (UAE), is the 25th largest exporter worldwide. One of the most complex economic diversification strategies in the world, the United Arab Emirates government (UAE) has managed to attract a significant number of foreign entrepreneurs seeking development and expansion opportunities in the Middle East.
Most Imported and Exported Products in UAE
The following is a list of UAE exports and imports:
- The UAE’s most exportable commodity is a crude and refined petroleum
- Dubai’s top trading list also includes gold, diamonds, and other jewelry types.
- Dubai imports many vehicles and other transport equipment
- Also, the UAE imports media equipment and broadcasting equipment from other countries.
UAE Imports And Exports In Figures
The most popular export product in the Emirate is petroleum, in all its forms. Recent reports indicate that crude and refined petroleum have contributed around 100 billion US Dollars to the economy each year. More than 60% of the total country’s exports are made up of petroleum-based products. However, the UAE and other Emirates are exporting gold, aluminum, and other metals. In terms of imports, Dubai companies have the highest imports: gold, jewelry, vehicles.
Japan, India, and South Korea are the UAE’s most important trading partners. The United States, Germany, and The United Kingdom are among UAE’s most important trading partners in exports. China is the UAE’s largest import partner, followed by India and Japan. France and Italy are Dubai’s major trade partners in Europe.
UAE As A Logistics Hub In The Middle East
The UAE’s excellent ability to import and export products using modern facilities is one of the reasons that the UAE’s trading industry is so well developed. UAE is one of the most important logistics hubs in the Middle East. Imported products are brought to the UAE via Dubai’s maritime ports or airports, which have terminals that can handle large quantities of goods.
Because of its geographical location, the UAE can act as a re-export hub for neighboring countries. UAE is one of the most important trading hubs in the Middle East thanks to its modern infrastructure. This industry has seen massive investments by the government.
UAE Tariff-Related Trade Barrels
Each country has its own list containing items that are allowed, restricted, and prohibited to be imported and exported. Any goods that are prohibited from being imported or exported under the Common Customs Law are considered to be prohibited goods. The restricted goods, on the other hand, are goods whose import or export is restricted by the Common Customs Law or any other laws or regulations applicable to the State. They can only be released with the approval of the competent authority.
UAE Import and Export: Components and Statistic
This information is important before we move on to the next step. The United Arab Emirates is among the top 20 most important exporters and importers worldwide of commodities. It also happens to be the largest trading country in the Middle East. The UAE is a strong global logistic hub and continues to expand its exports and import capabilities.
In 2019, UAE exported goods worth 238 billion US Dollars and services worth 72.5 billion US$. In 2019, UAE imported 267.9 Billion US Dollars worth of goods and 72.7 Billion US dollars worth of services.
According to IMF, the volume of exports of services and goods decreased by 11.9 percentage in 2020 compared to 2019. The volume of imports fell by 13.1 percent. The UAE imports most of its petroleum products as residual fuel oil, with limited imports for motor gasoline and diesel fuel.
Import and Export Clearance Process In UAE
Import Clearance Process:- To clear customs on import shipment arriving at airport or seaport in UAE, you will need all the following documents:
- Bill of Lading (sea channel),/Airway bill (Air channel).
- Commercial Invoice
- Packaging List
- Certificate of origin
- Delivery Order
Export Clearance Process:- To export cargo to seaport or airport in UAE, required documents are
- Export Invoice
- Packaging List
Federal Customs Authority (FCA), in accordance with the common law, draws the customs policies for UAE in each emirate.
Also Read:- Key Advantages Of Using A Third-Party Logistics Provider in Dubai