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FINANCIAL NEWS
UAE, US bilateral trade hits USD18.34b in 2011
12 Feb 2012
(MENAFN) UAE’s bilateral trade with US hit USD18.34 billion last year, as the world’s largest economy strives to boost exports to push the wheel of economy, Arabian Business reported.
American exports to the UAE rose 26 percent to USD15.89 billion in 2011 compared to the 2010, while UAE exports to the US reached USD2.44 billion, representing more than double the previous year.
According to the US Foreign Trade Division, based on the data from the US Census Bureau, the UAE is the single largest export market for American goods in the MENA region.
Danny Sebright, president of the US-UAE Business Council said that the record trade value proves that the US-UAE trade relationship is thriving and remains a key pillar supporting strong diplomatic ties between the two countries.
In May, UAE replaced Saudi Arabia as the largest GCC market for exports. Trade between the US and GCC increased by 21 percent in 2010 as American demand for oil rose with the economic recovery.
Yousef Al Otaiba, the UAE’s Ambassador to the US said that the US is seeking to surpass its pre-downturn 2008 record of USD14.4 billion in total exports to the UAE.
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