Feb 11 2012 |
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UAE-US trade reaches record high of US$ 18.3b in 2011
WASHINGTON: Trade between the United States and the United Arab Emirates reached a record high of US$18.34 billion in 2011, recent data showed. Increased trade and investment across several key economic sectors including manufacturing, infrastructure, and technology drove the rise in last year's economic activity.
According to the newly released 2011 U.S. export statistics by the Department of Commerce, the UAE. remains a key export destination and the single largest export market for American goods in the Middle East North Africa (MENA) region.In total, the U.S. exported a record US$15.89 billion worth of goods to the UAE. in 2011; representing an impressive 26% increase compared to 2010. The previous record of $14.4 billion in U.S. exports to the UAE. predates the global economic recession and occurred in 2008. For its part, the UAE. exported US$2.44 billion to the U.S., more than doubling its 2010 export numbers to the states."These record-breaking statistics show how strong the significant relations between the two countries as well as the significant expansion of these relations as the UAE has one of the most open and innovative economies," Ambassador of the UAE to USA Yousef Al Otaiba said."The UAE trade relations with all American states contribute to the creation of hundreds of thousands of jobs for American citizens in vital sectors such as aircraft industry, services and military equipment industry," he added.More than 800 US firms have a presence in the UAE.With its business-friendly regulations, strong investment incentives, economic diversification ambitions, and ideal geographic location, the UAE remains a key export market for US companies. Etihad Airways and Emirates Airline are the world's largest buyers of Boeing aircraft. Also, US companies provide support to the UAE's oil and gas sector as well as contribute to the development of the UAE's infrastructure, including a US$ 20 billion plan to build 4 nuclear plants.
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