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UAE–US non-oil trade hits $27.89 billion

The US is the second-largest trade partner of the UAE after India

The volume of non-oil trade between the UAE and the US is estimated at around $27.89 billion in 2014, reports UAE-based Albayan, citing the Ministry of Economy (MoE).

Monitoring World Trade Organisation’s (WTO) Trade Policy Review of USA report, the UAE MoE states this represents an increase by 3.5 per cent compared to 2013.

UAE’s MoE says there have been strong economic ties between the two countries, with the USA now the second-largest trade partner of the UAE after India.

“The US and the UAE have a strong existing economic and commercial partnership. Bilateral non-oil trade between our countries reached $26.9 billion in 2013 and the UAE continues to retain its lead among MENA countries as the largest export market for US goods and services,” the UAE minister of economy, Sultan bin Saeed Al Mansoori, said in September last year.

The minister was leading a large, high profile UAE business delegation to the US for collaborative discussions with senior officials.

The UAE is the largest market for US exports in the Middle East, followed by Saudi Arabia, according to the US Census Bureau’s Foreign Trade Division.

UAE exports to the US include ornaments, jewellery and parts of precious metals, plates, sheets, film, foil and strip of non-cellular plastics, weaving strands of synthetic fibres.

UAE imports from the US comprise driving turbines and jet turbines, gold – including gold-plated with platinum, tourist cars and other vehicles designed primarily for the transport of people.

The report also indicates that US exports to the UAE amounted to $22.11bn.