UAE-US Non-Oil Trade Reached $31.4 Billion in 2023, Expected to Grow Further in 2024
Danny Sebright, Chairman of the US-UAE Business Council, confirmed that non-oil trade between the United Arab Emirates (UAE) and the United States (US) reached $31.4 billion in 2023.
Mentioning that this figure is expected to continue growing at the same pace in 2024.
US Exports to the UAE Surpass $24 Billion:
Sebright highlighted that US exports to the UAE reached $24.8 billion in 2023.
Surpassing the 2022 figure of $20.8 billion by 19%.
For the fifth consecutive year, the UAE remained the top US export destination in the Middle East and Africa (MEA) region.
Due to the strong ties between the UAE and the US.
Supporting American Jobs:
The US-UAE Business Council Chairman emphasized that US exports to the UAE support approximately 125,000 jobs in the United States.
He also mentioned that UAE exports to the US reached $6.6 billion in 2023.
Sebright pointed out that UAE investments in the US market continue to grow and they are focusing on various sectors.
Including real estate, manufacturing, healthcare, and technology.
He highlighted three areas with significant potential for further cooperation between the two countries in 2024:
- Healthcare and life sciences
- Financial services and private equity
- Technology and artificial intelligence
Building on Strong Bilateral Ties:
Sebright stated that the UAE and the US continue to build on the remarkable progress achieved in the lead-up to COP28 in the areas of:
Renewable energy, food security, and sustainability.
Additionally, the traditional pillars of the bilateral trade relationship between the two countries remain strong in sectors such as space, defense, and energy.
The UAE welcomed the results of the meeting that took place at the headquarters of the Arab League in Cairo during which the Libyan parties agreed to supervise the presidential and parliamentary elections, and to affirm Libya’s sovereignty, independence and territorial integrity. pic.twitter.com/ckYz77P0NR
— UAE Voice (@uae_voiceeng) March 14, 2024
The UAE-US partnership is a strategic and economic powerhouse that continues to grow and thrive.
The strong non-oil trade between the two nations benefits both economies and creates job opportunities for citizens on both sides.
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