Rising Dubai Customs Transactions Point to Significant Economic Growth
Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the first six months of this year, a 10% surge from the 12.7 million transactions registered in the same period last year.
The UAE economy is poised to experience further growth and recovery over the second half of 2023, according to forecasts by international banks and organizations, like the World Bank that predicts the UAE's non-oil economy to grow by 4.8% this year.
Dubai Customs revealed that business registration service transactions went up 7%, recording 143,000 service requests. Customs declarations stood at 12.3 million transactions, accounting for 88% of the total number of customs transactions.
The strong performance is a clear indication of the business sector’s mounting recovery and how Dubai has reinforced its stature as a leading global hub for trade, finance and logistics.
Commenting on the solid H1 performance in customs service transactions, Ahmed Mahboob Musabih, Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, said: “Trade is among the key sectors that have led the growth of the local economy during last year and this year.
"The Comprehensive Economic Partnership Agreements (CEPAs) the UAE is concluding with various countries of the world give a great impetus to trade exchanges and increase the value of non-oil foreign trade thanks to the top-notch facilities and benefits they bring to traders and businesses.
"By leveraging smart services and projects, Dubai Customs is facilitating the automation of customs procedures, improving business operations, and boosting commercial returns, all of which are attracting more investments and businesses to the commercial sector.
"We have world-leading customs systems that enable us to process about 80,000 transactions per day. All of these efforts are aligned with the leadership's vision of enhancing the country's global standing and competitiveness.”
Dubai Customs also made 1,059 seizures and filed 908 customs cases, striving to play its vital role in securing and supporting the national economy by contributing effectively to an attractive investment environment.
The Customs authority also announced the Green Customs initiative in the first half of this year representing a model for joint international action to prevent illegal trade of environmentally sensitive goods.