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

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.