UAE and US non-oil trade hit $31.4bn last year and is set to grow further still.
Danny E. Sebright, President of the US-UAE Business Council, said that the volume of non-oil trade between the UAE and the United States reached $31.4bn in 2023, and is expected to continue growing at the same pace in 2024.
Sebright said that US exports to the United Arab Emirates reached $24.8bn last year, exceeding 2022 exports of $20.8bn, by 19 per cent.
UAE-US trade
He noted that the United Arab Emirates remained the top US export destination in the Middle East and Africa for the fifth consecutive year.
The President of the US-UAE Business Council highlighted that US exports to the United Arab Emirates support 125,000 jobs in the US, while UAE exports to the US totalled $6.6bn last year.
Sebright said that United Arab Emirates investments in the US market continue to grow, focusing on various sectors including real estate, manufacturing, healthcare, and technology.
He pointed to three areas with greater potential for further cooperation between the two countries in 2024:
- Healthcare and life sciences
- Financial services and private equity
- Technology and artificial intelligence
Sebright said that the United Arab Emirates and the United States continue to build on the tremendous progress made last year in the lead-up to the UN Climate Change Conference (COP28) in the areas of renewable energy, food security, and sustainability, in addition to the continued strength of traditional foundations of the bilateral trade relationship between the two countries in sectors such as space, defence, and energy.
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