A recently released study of government data by the National U.S.-Arab Chamber of Commerce (NUSACC) found another record-breaking year for American exports to the MENA region, but growth slowed in 2014 in what the organization called mixed results.
NUSACC:
“Exports of U.S. goods to the Middle East and North Africa (MENA) region set a new record in 2014, surpassing $71 billion for the first time ever. The overall increase from year-end 2013 ($70.957 billion) to year-end 2014 ($71.465 billion) was modest, an increase of less than one percent…
“U.S. exports to the MENA region showed mixed results, with the two largest destinations for U.S. goods – the United Arab Emirates and the Kingdom of Saudi Arabia – down ten percent and one percent, respectively. Conversely, among some other major economies in the region, sales were up sharply, led by Algeria (up 43 percent), Kuwait (up 41 percent), Oman (up 28 percent), Lebanon (up 25 percent), and Egypt (up 25 percent). The biggest percentage increase in the region took place in Somalia, where U.S. exports jumped 121 percent, from $16 million in 2013 to $35 million in 2014…”
The study noted the dominance of GCC imports, led by the United Arab Emirates and Saudi Arabia, “which together accounted for sales of $40.79 billion – almost 60 percent of all U.S. merchandise exports to the Arab world,” the study found.
The NUSACC is a non-profit organization that promotes, supports and strengthens US-Arab business and economic cooperation and is headquartered in Washington, D.C.
