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UAE-US non-oil trade hits $31.4bn in 2023

The substantial trade volume and ongoing collaboration between the UAE and the US reflect a deep-rooted partnership built on mutual interests and shared objectives

by Gulf Business

March 18, 2024

UAE and US non-oil trade hits $31.4bn in 2023 photo courtesy-WAM

Image: WAM

The non-oil trade between the UAE-US hit a significant milestone in 2023, reaching a remarkable $31.4bn, as recently shared by Danny E Sebright, president of the US-UAE Business Council.

Sebright anticipates that this robust growth trajectory will persist throughout 2024, underscoring the enduring strength of the economic ties between the two nations.

According to Sebright’s statements to the state news agency, WAM, US exports to the UAE surged to $24.8bn in 2023, marking a notable increase from $20.8bn in 2022 – an impressive growth rate of 19 per cent.

These figures reaffirm the UAE’s status as the leading US export destination in the Middle East and Africa for the fifth consecutive year.

Trade highlights: US exports to the UAE

The substantial volume of US exports to the UAE not only bolsters trade relations but also plays a crucial role in supporting employment opportunities in the US, with approximately 125,000 jobs tied to these exports.

Conversely, UAE exports to the US totalled $6.6bn in the same period, further illustrating the mutually beneficial nature of the bilateral trade relationship.

Highlighting the expanding scope of UAE investments in the US market, Sebright emphasised a growing interest across diverse sectors such as real estate, manufacturing, healthcare, and technology.

In particular, he identified three key areas with significant potential for enhanced collaboration between the two countries in 2024: healthcare and life sciences, financial services and private equity, and technology and artificial intelligence.

Sebright also underscored the ongoing collaboration between the UAE and the US in critical areas like renewable energy, food security, and sustainability, particularly in the lead-up to the UN Climate Change Conference (COP28). Additionally, he emphasised the enduring strength of traditional pillars of the bilateral trade relationship, including sectors like space, defence and energy.

Did you know?

The UAE trades with all 50 US states.
Vehicles and parts were the top category of US exports ($4.56bn), accounting for approximately 18 per cent of total exports in 2023.
Other top categories of US exports in 2023 included: nuclear reactors ($3.76bn), electric machinery ($3.57bn), and aircraft ($2.99bn).
The UAE is one of the largest foreign military sales customers of the US, purchasing more than $20bn in US defence hardware and services over the past decade, including one of the world’s largest non-US F-16 fleets.
Infrastructure development projects across the UAE are driving growth and supporting billions in US exports. Projects include the development of a new railway; network support for the UAE civilian nuclear energy program; the construction of new airports in Abu Dhabi and Dubai; and the expansion of commercial seaports across the UAE.

Info courtesy: Embassy of the UAE, Washington DC