The Growth and Future Horizons of the UAE-US Non-Oil Trade
The non-oil trade between the United Arab Emirates (UAE) and the United States reached $31.4 billion in 2023, signaling a robust partnership that is poised for further expansion, according to Danny E. Sebright.
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This trade volume marks a significant increase, with US exports to the UAE totaling $24.8 billion, up 19% from $20.8 billion in 2022, and imports from the UAE at $6.6 billion.
The UAE has consistently been the largest Middle Eastern and African market for US goods for the fifth year in a row, supporting 125,000 American jobs. Investments from the UAE into the US are also on the rise, diversifying into sectors such as real estate, manufacturing, healthcare, and technology.
Future Areas of Cooperation
Looking ahead, the president of the US-UAE Business Council, Danny E. Sebright, identifies healthcare and life sciences, financial services and private equity, and technology and artificial intelligence as key areas for enhanced collaboration in 2024.
Furthermore, both nations aim to build on the significant strides made in renewable energy, food security, and sustainability ahead of the UN Climate Change Conference (COP28), while continuing to strengthen their trade relationship in traditional sectors like space, defense, and energy.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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