Dubai-Italy trade hits Dh15.84b in H1 2021

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.

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

Rashid Al Muhairi, head of the customs procedures section at the tariff and origin department, Dubai Customs, delivered a presentation on the development of Dubai trade with Italy, which grew 81.7 per cent in 10 years to Dh26.68 billion in 2020 from Dh14.68 billion in 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 largest trade partner of the UAE globally and its exports to the UAE amounted $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 countries saw a double digit growth more than 40 per cent in the first five months of the 2021 and we are confident it will increase more in the remaining part of the year. We at ECI have secured payments for more than $250 million. and the amount is growing double digit. We are committed at the Federal Company to enhance further the economic ties between UAE and Italy working closely with all Italian stakeholders including but not limited 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 first half of 2021, trade with Italy grew 68.6 per cent to Dh15.84 billion from Dh9.4 billion in the corresponding period in 2020. Imports touched Dh11.33 billion, exports recorded Dh3.65 billion and re-exports totalled Dh862 million.

Direct trade amounted to Dh12.954 billion, whereas free zone trade totalled Dh2.839 billion, and customs warehouse trade stood at Dh46.683 million.

Airborne trade accounted for Dh9.12 billion. Sea trade reached Dh4.99 billion, while land trade weighed in at Dh1.72 billion.

The initiatives that Dubai Customs developed in e-commerce were presented in the session. The Government Department has recently launched its Cross Border e-Commerce project.

The innovative platform utilises block chain technology to integrate and automate operations between Customs, Free Zones, logistics, and courier companies. It is the first of its kind in the region, and it aims to help the emirate become a global hub for e-commerce, and encourage e-commerce companies set their businesses in Dubai. A number of specialists and experts in industry, export, financing exports and logistic services took part in the discussion panel.

Roberto Luongo, director-general of Italian Trade Agency, said: “The latest data confirms the healthy commercial relationship between UAE and Italy. High technology, e-commerce and innovation are the main drivers of a strengthened growth of trade exchange between both nations.”

— with inputs from Wam

— sandhya@khaleejtimes.com