Dubai, UK bilateral trade hit AED 21.5 billion in 2020

Dubai Media Office

The value of Dubai's external trade with the UK stood at AED 21.5 billion in 2020.

Imports (AED 16.3 billion) accounted for the bulk, followed by re-exports (AED 3.6 billion), and exports (AED 1.6 billion).

The figures were revealed during a virtual meeting between representatives of Dubai Customs and British Customs.

The implementation of Brexit and the following consequences on trade, travel and security were the main highlights of the discussion.

Ahmed Mahboob Musabih, Director-General of Dubai Customs, assured his organisation's support to British businesses and investors to help them overcome any challenges triggered by Brexit.

Meanwhile, Bill Williamson, Director of British Customs, praised the outstanding achievements and performance of Dubai Customs in the past few years.

He attributed that to the hard work of its teams and the sophisticated and advanced technologies used in its operations.

"This has helped in expediting trade, close monitoring of traffic of goods between the two sides, and helping British authorities thwart cross border illegitimate shipments, added Williamson.

"The UK and Dubai have seized 198 million cigarettes and 122 tonnes of illegitimate tobacco products that were to be transported to the UK," explained Musabih.

The head of Dubai Customs also invited his British counterpart to attend the 5th WCO Global AEO Conference, hosted by Dubai in coordination with the World Customs Organisation and the Federal Customs Authority.

The international event will see the participation of around 1,500 experts.

 

More from Business

  • 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.

  • Shares bruised, dollar crumbles as Trump tariffs stir recession fears

    Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared US President Donald Trump's sweeping tariffs would tip the global economy into a recession.

  • Wall Street futures sink as tariffs fuel recession fears

    US stock index futures tumbled on Thursday after President Donald Trump's sweeping tariffs on major trade partners heightened fears of an all-out trade war that could push the global economy into a recession.

News