The National U.S.–Arab Chamber of Commerce (NUSACC) reported that, according to data released last month by the U.S. Census Bureau, U.S. goods exports to the Arab world jumped 12 percent to $65.3 billion in 2023.
In the lead in to the National U.S.-Arab Chamber of Commerce’s (NUSAAC) yearly report on U.S. exports to the MENA region, David Hamod, NUSACC’s President & CEO. noted that, “American exporters are facing certain challenges in the region, tied primarily to supply chain bottlenecks, as well as the continuing tragedy in Gaza. But on the whole, economic growth in MENA is outweighing such challenges. This is good news for the U.S. export community, which is facing slowdowns in some other parts of the world.”
2023 marked the first year-on-year increase in U.S. exports to the Middle East and North Africa since the COVID era in 2021.
Last year, the top five MENA region destinations for U.S. goods the UAE ($24.9 billion), Saudi Arabia ($13.9 billion), Qatar ($4.7 billion), Egypt ($4.5 billion), Morocco ($3.8 billion). These five countries accounted for $51.8 billion in U.S. sales, approximately 80 percent of American goods exports to the MENA region.
NUSAAC’s report is an extremely informative look at U.S. trade activity in the MENA region. Under the report’s ‘Regional Trends’ heading it notes:
“In 2023, the trade relationship between the United States and the MENA region underwent significant shifts propelled by geopolitical tensions, economic diversification efforts, evolving energy markets, and the escalating impacts of climate change. War in Ukraine continued to strain global supply chains, including food security, while the Gaza conflict and attacks in the Red Sea heightened regional instability, complicating trade dynamics. MENA countries stepped up their efforts to reduce dependence on oil exports by investing in high technology, renewable energy, and infrastructure development (including tourism megaprojects). These initiatives take into account the growing impact of climate change as it affects the Arab world. (For example, some research suggests that parts of the MENA region may become uninhabitable by 2050 due to heat waves and water shortages.) The MENA region’s strategic pivots include diversified trade portfolios, opening the door to heightened competition from such global players as China and Russia, which are aggressively pursuing business opportunities and influence in the Arab world. (For example, Russia has exploited food insecurity across the region, shortages that were caused by – and exacerbated by – Russia’s invasion of Ukraine.) These strategic pivots underscore a period of significant transformation, one that presents both opportunities and challenges for U.S. stakeholders and their counterparts in the MENA region.”
Other headings include:
U.S. Foreign Policy Initiatives and the Arab World
U.S. Exports Remain Strong, But Competitors Are Challenging U.S. Market Share
Oil Price Dynamics
Economic Diversification: MENA Helps to Lead Global Tourism Recovery
Growing Awareness of Climate Change
The War in Gaza: Logistical Challenges
The War in Gaza: Commercial Challenges
Deal Flow and Mega-Projects to Watch in the MENA Region
For the hyperlink to NUSAAC’s home page and a link to the report click here. For the .pdf version, click here.
