Imports and Exports in Dubai
Imports-and-Exports-in-Dubai Until a few years ago, Dubai’s economy was based on trading oil-based products and in the last few years Dubai changed its focus on tourism and real estate development, making its economy one of the most flourishing in the world.
Exports in Dubai
Known as the world leader in oil supplies, Dubai’s most exported product remains petroleum under different forms. The most exported good is crude petroleum, Dubai’s economy relying on exports of almost 50% of the Country’s oil reserves.
Refined petroleum occupies the second place, almost 14% of it being exported, while gold occupies the third place reaching almost 10%. Almost 8% of Dubai’s exports are based on petroleum gas, followed by jewelry with approximately 4%. In smaller percentages, Dubai exports metals such as: aluminum, copper and iron and broadcasting equipment. The country Dubai exports most to is Japan that imports 24% of Dubai’s products.
The second place is occupied by India, that imports 21% of Dubai’s exported products, while Singapore and South Korea import around 9% of Dubai’s goods. In smaller percentages, Dubai exports to countries like China, Pakistan, Turkey, Australia and The United Kingdom.
Imports in Dubai
On top of the list of Dubai’s imports is jewelry. Jewelry represent 11% of Dubai’s imports. On the second place, with almost 6%, is refined petroleum, while on the third place gold and cars represent over 5% of Dubai’s imports.
In smaller percentages Dubai imports broadcasting equipment, computers, aircraft and aircraft spare parts and vehicle parts. When it comes to the countries Dubai imports most from, the first places are occupied by India that supplies almost 19% of Dubai’s total imported products and China that supplies almost 17% of the country’s imports.
In smaller percentages, Dubai imports from Japan and Turkey – almost 5% each. From Europe Dubai’s most important suppliers are: Germany, Italy, France, The United Kingdom and Switzerland. Dubai also brings from the United States about 7% of its imports.
Dubai’s free trade agreements
The UAE has free trade agreements with countries all over the world and constantly seeks new partners. Dubai has become one of the most important economies in the UAE by eliminating trade barriers, allowing foreign investment, lowering customs duties and signing treaties that impede double taxation . Dubai has adhered to the World Trade Organization in 1996 and it has preferential business trades with countries in Asia, Europe, South America and Australia.
Dubai has a free trade agreement with the European Free Trade Association (EFTA) and it is expanding its network by negotiating with the European Union, Japan, China, Brazil, Argentina, Switzerland and Norway to name just a few countries.
If you are looking for an investment destination and you choose Dubai, you can contact our experts in Company formation for advice on the best business opportunity.