The volume of non-oil trade between the UAE and the United States (U.S.) soared to $31.4 billion in 2023, marking a significant milestone in the bilateral economic relationship between the two nations. This came during an announcement Danny E. Sebright, President of the U.S.-UAE Business Council, recently made.
Sebright highlighted the robust growth in U.S. exports to the UAE and underscored the UAE’s position as the top United States export destination in the Middle East and Africa for the fifth year in a row. As both nations look ahead, Sebright anticipates continued growth and identifies key areas of cooperation for 2024.
Record-breaking trade figures
In 2023, U.S. exports to the UAE reached $24.8 billion, exceeding exports in 2022, which totaled $20.8 billion. This marks a 19 percent year-on-year increase. This impressive growth underscores the strength of the UAE-U.S. trade relationship, with the UAE serving as a vital market for American goods and services. Meanwhile, UAE exports to the United States totaled $6.6 billion last year. Moreover, Sebright highlighted that U.S. exports to the UAE support 125,000 jobs in the U.S.
UAE investments
The UAE’s investments in the U.S. market are constantly growing, especially in sectors like real estate, manufacturing, healthcare and technology. Looking ahead, Sebright highlights three areas with greater potential for further cooperation between the two countries in 2024. This includes healthcare and life sciences, financial services and private equity, and technology and artificial intelligence. By leveraging expertise and resources in these areas, both nations can drive innovation, foster economic growth, and address shared challenges.
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Commitment to sustainability
Sebright emphasized the commitment of the UAE and the U.S. to advancing sustainability and combating climate change. Building on the progress they made in the time leading up to the UN Climate Change Conference (COP28), both countries are actively collaborating on renewable energy, food security and sustainability initiatives. Additionally, traditional foundations of the bilateral trade relationship in sectors such as space, defense, and energy continue to strengthen.
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