13 Muharram 1446 - 19 July 2024
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Eye of Riyadh
Business & Money | Saturday 16 March, 2024 6:41 am |

UAE-US non-oil trade reached $31.4 billion in 2023

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 $31.4 billion in 2023, and is expected to continue growing at the same pace in 2024.


Sebright added, in statements to the Emirates News Agency (WAM), that US exports to the UAE reached $24.8 billion last year, exceeding 2022 exports of $20.8 billion, by 19 percent, noting that the UAE 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 UAE support 125,000 jobs in the US, while UAE exports to the US totaled $6.6 billion last year.


Sebright said that UAE 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, and technology and artificial intelligence.


Sebright said that the UAE 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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