Import and Export Business Opportunities in Dubai 2023
Dubai holds a rich history of trade and commerce dating back centuries. UAE continues to be a global trade hub for a variety of industries, with some of the best import export business in Dubai. Retaining a pivotal location amidst the East & West, Dubai is unique in its position of accelerating trade between the two regions.
What makes Dubai so perfect for import export business opportunities? A thriving commercial ecosystem, liberal tax policies, and most importantly, Dubai has a rapidly growing population of consumers with high disposable incomes. As a bonus, Dubai boasts a world-class airport and seaport that is built for large-scale shipments making the import export business in UAE globally renowned.
Do you want to know some of the trending import export business opportunities in Dubai? Read on below to know more.
Import export business in UAE: Statistics
The UAE recorded total exports worth $ 36.6 billion in August 2022. This was a significant growth as compared to $ 34.5 billion in the previous month. As per the latest reports by the International Monetary Fund, UAE Total Exports grew 37.8 per cent year-on-year in August 2022. However, Total Imports were recorded at $ 28.2 billion in March 2022, an increase of 18.0 percent year-on-year.
The main imports of the United Arab Emirates are:
- Pearls; other precious metals & stones: 31 per cent of total imports
- Machinery, sound recorders, reproducers, & parts: 18 per cent
- Transport vehicles: 12 percent
- Base metals and articles thereof: 9 per cent
- Chemicals and related products: 6 per cent
The main import partners are:
- India: 17 per cent of total imports
- China: 9.1 per cent
- Others: Japan, South Korea, Germany
Best import export business opportunities in Dubai
The UAE economy, and adjacently Dubai, are heavily dependent on import-export business investments. The emirate is home-ground for numerous industries that are suitable for import-export business. Therefore, to make your decision easier, here are some of the most profitable import-export businesses in Dubai:
Art as a business venture is picking up pace not only in Dubai but across the world. With curators willing to source artwork globally, there is a huge demand for the export-import of art. And what better place than Dubai? The emirate itself is a living-breathing testimony to the artistic vision of humanity. Not only that, it is also the epitome of luxury and an appreciation for the finer things in life.
As such, international art trading as a business can reap great dividends. UAE imposes a 5% duty on fine art import. There is an additional 5% tax even when the imported art is solely for personal use or for public exhibition without the intention of reselling.
Dubai has a true passion for luxury automobiles. As a result, the emirate has one of the highest demands for vehicle import-export. Dubai is home to some of the world’s most renowned automobile manufacturers. Premium automobile export is a highly niche industry catering to an elite clientele, but it is one that achieves significant returns as well. Additionally, the unparalleled infrastructure, futuristic technology, and constant innovations make Dubai the ideal location for forming your vehicle export business.
Auto parts exports
Not a fan of exporting entire vehicles? Move on to the next best option – importing/exporting auto parts. The movement of spare parts and specialized tools is not only beneficial but a necessary by-product of vehicle exports. This also allows you to be involved in the automobile industry without needing to be a direct participant in the sector. The demand for auto parts in Dubai is remarkably high, thereby making the import/export of auto parts a lucrative business opportunity.
Supplier of electronic goods
In Dubai, technology is always number one. Not only for bigger complete products such as household electronic appliances, but for major electronic components as well. The emirate boasts several bustling tech districts, and innovation centers. There is a huge consumer market for the latest electronic goods. Consequently, there is a huge demand for the import/export of electric components like fuses, power wires, computer accessories, capacitors, etc.
Precious metals trading
The import export business in Dubai relies heavily on precious metals and stones trading. As a result, gold, silver, copper, gems, and other precious stones are always in great demand. Visitors from across the world visit the famous gold & diamond souks of Dubai. There is an established chain of suppliers, distributors, & customers that have steadily built a loyal clientele over the years. Therefore, entrepreneurs can easily tap into this market and start business with their Dubai import export license in precious metals trading.
Tap into a global trading experience
The UAE’s position as a major trade hub is also accelerated by the ease of trade setup here. The process of forming an import export business in Dubai is made easy with the best company formation consultants like Shuraa.
When you opt for a UAE general trading license, you get to trade multiple goods under a single license. On the other hand, UAE free zones offer benefits like 100% ownership as well as import & export tax exemption. Additional benefits of connecting with Shuraa Business Setup include a dedicated account manager, free business consultation, free VAT consultation, bank account assistance and much more.