DUBAI, 13 March 2007 — US trade with the Gulf Cooperation Council (GCC) jumped by 8.7 percent in the first 11 months of 2006 to $53.8 billion from the same period in 2005, the Dubai Chamber of Commerce and Industry’s Economic Bulletin reported yesterday.
By country, Saudi Arabia was the largest partner, with trade valued at $36.4 billion or 62 percent of the total, while trade with UAE was valued at $12.2 billion or 21 percent of the total, The Economic Bulletin said in its latest issue.
Citing statistics posted on the US Census Bureau’s website, the newsletter said US trade with the other GCC member countries was valued at $9.7 billion as trade with Kuwait reached $5.5 billion, Oman, $1.7 billion and Bahrain, $1.0 billion.
US imports of petroleum and petroleum products from Saudi Arabia valued at $28.7 billion pushed total imports from the country to a total of $29.4 billion, or 81percent of total imports from GCC. Similarly, 96 percent of US imports from Kuwait were petroleum and petroleum products.
On the other hand, imports of the same products from UAE constituted only 16 percent of US imports from UAE. Imports of nonferrous metals and garments contributed 19 percent and 13 percent, respectively.
UAE was the largest export market of US in the GCC, absorbing nearly half (49.1 percent) of US exports to the region. Major exports to UAE were machineries ($203 million) and transport equipment ($548 million) consisting predominantly of aircraft and associated equipment and parts. The same product groups dominated US exports to Saudi Arabia, valued at $251 million (machineries) and $180 million (transport equipment). The latter, however, consisted primarily of motor cars. These products also dominated US exports to other GCC countries, although at much lower scale.
Large US imports of petroleum and petroleum products from Saudi Arabia and Kuwait resulted to trade deficits for US of $22.4 billion and $2 billion, respectively.
US trade deficit with Oman and Bahrain stood at barely $100 million each.