US-UAE trade reaches record high of $18 bnFebruary 11th, 2012 - 10:25 pm ICT by IANS
Abu Dhabi, Feb 11 (IANS/WAM) Trade between the US and the United Arab Emirates (UAE) reached a record high of $18.34 billion in 2011, according to latest data.
Increased trade and investment in several key economic sectors, including manufacturing, infrastructure and technology, drove the rise in last year’s economic activity.
According to the US export statistics released by the department of commerce, the UAE remained a key export destination and the single largest export market for US goods in the Middle East North Africa (MENA) region.
In total, the US exported a record $15.89 billion worth of goods to the UAE in 2011, an increase of 26 percent compared to 2010.
The previous record of $14.4 billion in US exports to the UAE was registered before the global economic recession of 2008.
The UAE exported $2.44 billion worth of goods to the US, more than double its 2010 exports.
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