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FINANCIAL NEWS
US exports to Arabs record the biggest single-year increase in 2012
10 Feb 2013
(MENAFN) Recent data by the National US-Arab Chamber of Commerce (NUSACC) showed a 17 percent increase in US exports to the Arab World in 2012, Arabian Business reported.
The data showed that US exports to 22 Arab nations hit USD65.91 billion last year, up from USD56.18 billion in 2011, marking the highest increase in a single year.
By comparison, total US merchandise exports to the world increased by only 4.5 percent to USD1.55 trillion in 2012 from USD1.48 trillion.
David Hamod, president & CEO of NUSACC said that the figures show continuing strength despite the challenges of the Arab Spring.
He added that the findings are consistent with the Chamber’s research that forecasts US exports of goods and services to the Arab world to grow to USD167 billion by 2015.
The largest category of goods exported was transportation equipment, constituting USD26.04 billion of total US goods shipped to the Arab world.
The data revealed that Texas was the top state for Arab exports, with USD10.56 billion in sales, followed by Washington with USD8.03 billion and California with USD5.26 billion.
In 2012, the UAE was the top US export partner in the Arab world, importing USD22.57 billion in goods, a 41.9 percent increase over 2011.
Saudi Arabia was the second largest market, importing USD18.12 billion in 2012, a 31 percent increase.
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