Dubai Customs institution has extended the application of customs duties on reinforcing steel and wire coils imports by 10% until November 7, 2023.
The decision came in addition to Customs Declaration No. 10/2022, and based on the letter of the Federal Authority for Identity and Nationality, Customs and Ports Security dated January 16, 2023, which includes the letter of the Ministry of Finance dated January 13, 2023 regarding the extension of raising customs duties on rebar and wire coils.
The customs outlets in the UAE had started, as of January 2019, to apply the Cabinet’s decision to increase the customs duty on imports of reinforcing steel and iron coils from 5% to 10% to provide commercial protection for national iron products and combat dumping practised by some international producing companies for the imported iron in the local markets.
According to the data of the Federal Center for Competitiveness and Statistics, the UAE’s exports of iron and steel and their products grew by 44% to reach about 23 billion dirhams with a volume of 7.3 million tonnes in 2021, compared to the previous year, during which it amounted to 16 billion dirhams, with a total volume of 5 million tonnes.