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UAE-Italy trade 2021 will end on stronger note as trade figures for first-half indicate solid growth, study

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The UAE and Italy have consistently had solid trade relations and 2021 will end on stronger note as trade figures for first-half show strong growth. Dubai Customs on Thursday partook in a panel coordinated by the Italian Business Council on the future trends of exports and imports in the GCC.

Rashid Al Muhairi, top of the customs procedures section at the tax and beginning department, Dubai Customs, conveyed a presentation on the development of Dubai trade with Italy, which became 81.7 percent in 10 years to Dh26.68 billion out of 2020 from Dh14.68 billion of every 2010.

Massimo Falcioni, CEO, Etihad Credit Insurance (ECI) and vice-president and secretary-general of the Italian Business Council Dubai & Northern Emirates, said: “The volume of trade between the UAE and Italy rose by 53 per cent to $9.92 billion (€8.4 billion) in 2020 compared to 2019 despite the challenges of Covid-19 pandemic.”

Italy is the eighth biggest trade partner of the UAE universally and its exports to the UAE summed $4.72 billion (4 billion) and it imported $5.19 billion (4.8 billion euro) of goods from the UAE in 2020.

Non-oil trade between the two nations saw a twofold digit growth more than 40% in the initial five months of the 2021 and we are sure it will increment more in the leftover piece of the year. We at ECI have secured payments for more than $250 million. furthermore, the sum is developing twofold digit. We are submitted at the Federal Company to upgrade further the economic ties among UAE and Italy working intimately with all Italian partners including yet not restricted to the UAE Embassy in Rome, the Italian Embassy in Abu Dhabi, the Italian Trade Promotion Agency (ITA) and Consulate in Dubai and major industrial associations, added Falcioni.

In the primary portion of 2021, trade with Italy became 68.6 percent to Dh15.84 billion from Dh9.4 billion in the comparing time frame in 2020. Imports contacted Dh11.33 billion, exports recorded Dh3.65 billion and once again exports totalled Dh862 million.

Direct trade added up to Dh12.954 billion, while free zone trade totalled Dh2.839 billion, and customs warehouse trade remained at Dh46.683 million.

Airborne trade accounted Dh9.12 billion. Ocean trade arrived at Dh4.99 billion, while land trade tipped the scales at Dh1.72 billion.

The initiatives that Dubai Customs developed in e-commerce were introduced in the meeting. The Government Department has as of late dispatched its Cross Border e-Commerce project.

The innovative platform uses block chain technology to integrate and automate tasks between Customs, Free Zones, coordinations, and courier companies. It is the first of its sort in the locale, and it plans to assist the emirate with turning into a global hub for e-commerce, and empower e-commerce companies set their businesses in Dubai. Various trained professionals and specialists in industry, export, financing exports and logistic services took part in the discussion panel.

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