The volume of non-oil trade between UAE and the United States hit $31.4 billion in 2023, and is expected to continue growing at the same pace this year, reported Wam citing a top US official.

 

The exports to the UAE reached $24.8 billion last year, exceeding 2022 exports of $20.8 billion, by 19%, stated Danny E. Sebright, the President of the US-UAE Business Council, adding that the UAE remained the top US export destination in the Middle East and Africa for the fifth consecutive year.

 

Sebright pointed out that US exports to the emirates support 125,000 jobs in the US, while UAE exports to the US totaled $6.6 billion last year.

 

UAE investments in the US market, he stated, continues to grow, focusing on various sectors including real estate, manufacturing, healthcare, and technology.

 

According to him, both countries need to focus on key areas of healthcare and life sciences; financial services and private equity as well as technology and artificial intelligence (AI) this year as they have greater potential for mutual cooperation.

 

"UAE and the US 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," he added.-TradeArabia News Service