US exports to UAE rise 26% as trade sets record

Abu Dhabi: Trade between the US and the UAE reached a record high of $18.33 billion (Dh67.31 billion) in 2011, according to the newly released 2011 US export statistics that indicated the UAE remains a key export destination for the world's largest economy.

The figures from the Foreign Trade Division of the US Census Bureau revealed that the UAE is the largest export market for American goods in the Middle East North Africa (Mena) region.

In total, the US exported a record $15.89 billion worth of goods to the UAE in 2011, representing a 26 per cent increase compared to 2010. The previous record of $14.4 billion in US exports to the UAE predates the global economic recession and occurred in 2008. For its part, the UAE exported goods worth $2.44 billion to the US, more than doubling its 2010 export numbers.

Trade deficit

Giyas Gokkent, chief economist of National Bank of Abu Dhabi (NBAD) told Gulf News: "[The] US was UAE's fourth largest source of imports in 2010 after the European Union, India, and China.

"Historically, UAE exports to the US have been relatively small because most of UAE oil tends to go to Asian countries. The UAE has typically run a substantial trade deficit vis-a-vis US. In 2011, US exports to UAE rose substantially in the second half of the year."

Strategic

Danny Sebright, president of the US-UAE Business Council, said these record-breaking statistics clearly illustrate America's role as a strategic and commercial partner to the UAE — a key export destination and gateway to important global markets.

"The numbers provide clear evidence that the US-UAE trade relationship is thriving and remains a key pillar supporting strong diplomatic ties between our two countries," Sebright added.