UAE posts record high for trade with US

 

13 February 2012

 

Total trade volume between the UAE and the US rose to US$18.3 billion (Dh67.22bn), a 43 per cent rise on the previous year, according to data released by the US department of commerce yesterday and cited by the WAM state news agency.

 

The rise represents the highest trade volume yet between the two countries. It means the UAE is the single largest export market for US goods in the Middle East for the third straight year.

 

"These trade figures underscore the depth and breadth of this important bilateral relationship," said Yousef Al Otaiba, the UAE ambassador to the US. "The UAE has one of the most open and innovative economies in the world, and is a substantial trading partner with the US.

 

"In fact, the UAE has trade relationships with every state, supporting hundreds of thousands of US jobs in key sectors such as aircraft, manufacturing, services and defence equipment."

 

Trade between the two countries has rebounded strongly after the global financial crisis dampened demand in the Emirates for US vehicles, machinery and components.

 

Total exports from the US to the UAE reached $15.9bn last year, a 36 per cent rise on the previous year.

 

Among the most valuable US exports to the UAE are Boeing aircraft. Emirates Airline and Etihad Airways both added to their already sizeable order books of the plane maker's commercial aircraft last year.

 

In November, Emirates announced a $18bn purchase of 50 Boeing 777 aircraft. A month later, Etihad placed an order for 10 of Boeing's fuel-efficient 787-9 Dreamliners and two 777 freighters in a deal valued at $2.8bn at list prices.

 

In addition to goods, the UAE is also a leading customer of services offered by US firms. The US architect Frank Gehry designed Abu Dhabi's Guggenheim museum, which is scheduled to open in the capital in 2017. Westinghouse is also taking part in a South Korean-led consortium completing a $20bn project to build four nuclear reactors for commercial energy generation in the UAE.

 

US imports from the UAE also doubled last year to $2.4bn, with petroleum a major element.