Importing from United Arab Emirates

United Arab Emirates Import Guide | Trade Finance Global

Importing from United Arab Emirates

United Arab Emirates (UAE) is a growing world financial centre and trade hub, with GDP growth rate at around 4% a year. With a total population of just 9 million, UAE is a high income and one of the richest nations in the world. UAE is actively seeking ways to diversify its economy in the long term, as it is heavily reliant on oil exports as a primary revenue stream at the moment. The country is investing into sustainable energy, education and science.

UAE imposes a 5% tax on imported goods, in accordance with the Unified Customs Law (ULC). United Arab Emirates main imports are pearls and other precious metals and stones, machinery, sound recorders and transport vehicles. UAEs import partners are China, India and the United States.

With a large expatriate population and one of the most liberal trade nations in the Gulf, a UK business exporting to UAE could have many advantages, including its proximity to other Gulf markets, there is no taxation on personal income and capital gains, and it’s ranked thirty-first in the World Bank’s ease of doing business report.

United Arab Emirates Country Profile

Official Name (Local Language) Al Imarat al Arabiyah al Muttahidah
Capital Abu Dhabi
Population 5,927,482
Currency U.A.E. Dirham
GDP $375 billion
Languages Arabic
Telephone Dial In 971

United Arab Emirates Exports Profile

Exports ($m USD)

298,651

Number of Export Products

4,26

Number of Export Partners

208

Top 5 export partners

Country

Trade

% Partner Share

Unspecified

153,339

51.34

Other Asia, nes

41,351

13.85

India

11,255

3.77

Iran, Islamic Rep.

8,81

2.95

Switzerland

7,425

2.49

Top 5 Export Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

11.0%

Gold in unwrought forms non-monetary

5.5%

Art. of jewellery and pts thereof of/o prec mtl

4.3%

Petroleum oils, etc, (excl. crude); preparation

4.0%

Diamonds non-industrial unworked or simply sawn

3.2%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for United Arab Emirates

Agriculture

%

Product List

0.7%

Dates, vegetables, watermelons; poultry, eggs, dairy products; fish

Industry

%

Industry List

44.6%

Petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, handicrafts, textiles

Services

%

Services List

54.7%

Importing from United Arab Emirates: What is trade finance?

United Arab Emirates (UAE) is a federation of the seven emirates of Abu Dhabi, Ajman, Al Fujairah, Dubai, Ras al Khaymah, Sharjah, and Umm al Qaywayn. UAE is heavily reliant on its export industry, being the sixth largest petroleum exporter in the world. Petroleum export revenues are valued at around $120 billion USD a year, out of a total of around $200 billion USD total export revenue.

UAE exports globally, its top export destinations are Japan, India, South Korea and Thailand. As well as crude petroleum, UAE exports gold, petroleum gas and raw aluminum. Interestingly, UAE is a big user of natural gas, and as well as sharing international gas pipelines, it’s a big importer and exporter of liquefied natural gas (LNG).

Information

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    United Arab Emirates Economic Statistics

    Government Website

    https://government.ae/ en#/

    Sovereign Ratings

    https://countryeconomy. com/ratings/united-arab-emirates

    Central Bank

    Central Bank of the United Arab Emirates

    Currency USD Exchange Rate

    3673

    Unemployment Rate

    3.6%

    Population below poverty line

    19.5%

    Inflation Rate

    3.4%

    Prime Lending Rate

    NA

    GDP

    $375 billion

    GDP Pro Capita (PPP)

    $67,700

    Currency Name

    U.A.E. Dirham

    Currency Code

    AED

    World Bank Classification

    High Income

    Competitive Industrial Performance

    16/138

    Corruption Perceptions Index

    21/180

    Ease of Doing Business

    11/190

    Enabling Trade Index

    23/136

    Currency in UAE

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