US-Gulf trade grows by 60 percent

November 3rd, 2008 - 7:04 pm ICT by IANS  

Dubai, Nov 3 (IANS) Saudi Arabia continues to be the biggest import market for the US in the Gulf even as trade between the region and the US grew by over 60 percent in the second quarter this year, according to a new report.The report, released by the Dubai Chamber of Commerce and Industry, stated that trade between the Gulf Cooperation Council (GCC) countries and the US touched $47.8 billion in the second quarter of 2008, a 60.1 percent rise from the corresponding period last year.

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) form the GCC.

Country-wise, Saudi Arabia was the largest partner, with total trade valued at $32.2 billion or 67.4 percent of the total trade with the GCC, while trade with the UAE was valued at $7.5 billion or 15.7 percent.

Trade with the other GCC countries was valued at $8 billion - with Kuwait $5 billion, Qatar $1.2 billion, Oman $1.1 billion and Bahrain $627 million.

Saudi Arabia continued to be the US’ biggest supplier of petroleum products from the GCC.

The US import of petroleum and petroleum products from Saudi Arabia was valued at $26.4 billion, which pushed total imports from that Gulf nation to a total of $26.8 billion, or 83.3 percent of total imports from the GCC.

From Kuwait too, 95 percent of the US’ imports were petroleum and petroleum products.

Imports of the same products from the UAE constituted only 15 percent of the US’ total imports from that country.

The UAE was the largest export market of the US in the GCC in the period, absorbing 44 percent of the US exports to the region.

Major exports to the UAE were transport equipment, which accounted for $1.8 billion, comprising mainly aircraft and associated equipment and road vehicles, totalling $888 million.

Major exports from the US to Saudi Arabia were road vehicles ($1.1 billion) and power generating machinery and equipment, valued at $394 million.

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