Business

UAE-US non-oil trade hits $31.4 billion, expects growth in 2024

Non-oil trade between the UAE and the United States surged to an impressive $31.4 billion in 2023, marking a significant milestone in their economic relations. According to Danny E. Sebright, President of the US-UAE Business Council, this robust trade volume is expected to maintain its momentum throughout 2024, underlining the resilience and dynamism of the bilateral trade partnership.

UAE-US non-oil trade hits .4 billion, expects growth in 2024

Speaking to the media, Sebright revealed that US exports to the UAE recorded a notable increase, reaching $24.8 billion in 2023, a substantial rise from $20.8 billion in 2022, representing a remarkable 19 percent growth. Notably, the UAE retained its position as the leading destination for US exports in the Middle East and Africa for the fifth consecutive year, underscoring its pivotal role in the region’s trade landscape.

Highlighting the tangible benefits of this burgeoning trade relationship, Sebright emphasized that US exports to the UAE have contributed to the creation of approximately 125,000 jobs across various sectors in the United States. Meanwhile, UAE exports to the US amounted to $6.6 billion in 2023, further illustrating the balanced nature of the bilateral trade flow. Sebright underscored the expanding footprint of UAE investments in the US market, with a particular focus on key sectors such as real estate, manufacturing, healthcare, and technology.

Identifying areas ripe for deeper collaboration in 2024, he singled out healthcare and life sciences, financial services and private equity, and technology and artificial intelligence as sectors with significant potential for mutual growth and innovation. Moreover, Sebright emphasized the shared commitment of the UAE and the United States to address pressing global challenges, including climate change and sustainability. Building upon the momentum generated in the lead-up to the UN Climate Change Conference (COP28), both nations have intensified their efforts in promoting renewable energy, enhancing food security, and fostering sustainable practices.

Additionally, the enduring strength of traditional pillars of the bilateral trade relationship, such as space, defense, and energy, continues to fortify the bond between the UAE and the United States. As the two nations navigate the evolving global economic landscape, their steadfast partnership in trade and investment is poised to drive mutual prosperity and innovation, reaffirming their status as key players in the interconnected global economy.

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