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TOP ALLIES: On the US-GCC business relationship
Separated by thousands of miles, countries in the Gulf region have been successful in strengthening trade relations with economic powerhouse, the United States, says Mas Meghji
May 22, 2012 2:27 by kippreport
For its part, Emirates has invested significantly in American equipment and human capital. In fact, the airline employs more than 700 Americans globally and its ledger includes a record-breaking $24 billion order for 50 Boeing 777-300ERs, placed at the Dubai Air Show in November last year. This historic order complements Emirates’ impressive fleet of Boeing aircraft already supporting its global operations; including flights to its five other US destinations.
In the GCC, the cake of the trade with the US goes to Saudi Arabia. According to data recently released by the US Census Bureau, trade between the US and Saudi Arabia reached $61.29 billion in 2011. This marks a 42.5 percent increase over the value of bilateral trade in 2010, with only 2008 recording a higher amount: $67.3 billion. Exports from the US were $13.82 billion, while imports from Saudi Arabia rose to $47.48 billion. The large increase in overall trade is evidence of the strong partnership between the US and Saudi Arabia, and the continuing improvement of the global economy.
Transportation equipment continued to account for the largest share of US exports and constituted 35.8 percent of goods and services exported. Other top commodities included machinery, chemicals, and computer and electronic products. Agriculture products and primary metal manufactures had some of the largest year-on-year gains, increasing by 103.9 percent and 130.3 percent, respectively.