United Arab Emirates
The UAE is a federation of seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Qaiwain, Fujairah, and Ras Al-Khaimah). The individual emirates founded the UAE in December 1971. Over the last 38 years, the UAE has developed into the second largest economy in the Arab world.
Despite possessing substantial petroleum reserves, the UAE has pursued free market, trade liberalizing policies to diversify its economy away from a dependence on fossil fuel. Rapid growth in the nonoil economy reduced oil's share of GDP from 60 percent in 1980 to 35.8 percent in nominal terms in 2007. The U.S. and UAE entered into a Trade and Investment Framework Agreement (TIFA) in 2004, which established a formal dialogue to promote increased trade and investment between the two countries.
U.S.-United Arab Emirates Trade Facts
United Arab Emirates is currently our 30th largest goods trading partner with $26.9 billion in total (two way) goods trade during 2013. Goods exports totaled $24.6 billion; Goods imports totaled $2.3 billion. The U.S. goods trade surplus with United Arab Emirates was $22.3 billion in 2013.
United Arab Emirates was the United States' 17th largest goods export market in 2013.
U.S. goods exports to United Arab Emirates in 2013 were $24.6 billion, up 9.1% ($2.1 billion) from 2012. U.S. exports to the United Arab Emirates accounted for 1.6% of overall U.S. in 2013.
The top export categories (2-digit HS) in 2013 were: Aircraft ($5.8 billion), Vehicles ($3.5 billion), Electrical Machinery ($3.4 billion), Machinery ($3.0 billion), and Precious Stones and Metal (gold, diamonds and jewelry) ($2.4 billion).
U.S. exports of agricultural products to United Arab Emirates totaled $1.2 billion in 2013. Leading categories include: tree nuts ($366 million), hay ($213 million), and fresh fruit ($91 million).
United Arab Emirates was the United States' 65th largest supplier of goods imports in 2013.
U.S. goods imports from United Arab Emirates totaled $2.3 billion in 2013, a 1.7% increase ($38 million) from 2012.
The five largest import categories in 2012 were: Special Other (returns) ($655 million), Aluminum ($589 million), Mineral Fuel and Oil (crude) ($173 million), Fertilizers ($129 million), and Precious Stones (diamonds) ($126 million).
U.S. imports of agricultural products from the United Arab Emirates were $18 million in 2013.
The U.S. goods trade surplus with United Arab Emirates was $22.3 billion in 2013, an 10.0% increase ($2.0 billion) over 2012.
U.S. foreign direct investment (FDI) in the United Arab Emirates (stock) was $7.8 billion in 2012 (latest data available), up 33.5% from 2011.
Reported U.S. direct investment in the United Arab Emirates is led by the finance/insurance sector.
United Arab Emirates FDI in the United States (stock) was $1.3 billion in 2012 (latest data available), down 7.7% from 2011.
The distribution of United Arab Emirates FDI in the United States was not available.
*NOTE: No services trade data with United Arab Emirates is available.