U.S. Exports to the Arab World Jump By 12 Percent to $65.3 Billion

WASHINGTON - July 24, 2024 - PRLog -- According to data released last month by the U.S. Census Bureau, U.S. goods exports to the Arab world jumped 12 percent to $65.3 billion in 2023, marking the first year-on-year increase in U.S. exports to the Middle East and North Africa (MENA) since the COVID era in 2021. The new data were compiled by the National U.S. – Arab Chamber of Commerce (NUSACC), America's top commercial gateway to the MENA region.

"American exporters are facing certain challenges in the region, tied primarily to supply chain bottlenecks, as well as the continuing tragedy in Gaza," said David Hamod, NUSACC's President & CEO.  "But on the whole, economic growth in MENA is outweighing such challenges.  This is good news for the U.S. export community, which is facing slowdowns in some other parts of the world."

At-A-Glance: Regional Trends

In 2023, the trade relationship between the United States and the MENA region underwent significant shifts propelled by geopolitical tensions, economic diversification efforts, evolving energy markets, and the escalating impacts of climate change.  War in Ukraine continued to strain global supply chains, including food security, while the Gaza conflict and attacks in the Red Sea heightened regional instability, complicating trade dynamics.

MENA countries stepped up their efforts to reduce dependence on oil exports by investing in high technology, renewable energy, and infrastructure development (including tourism megaprojects).  These initiatives take into account the growing impact of climate change as it affects the Arab world.  (For example, some research suggests that parts of the MENA region may become uninhabitable by 2050 due to heat waves and water shortages.)

The MENA region's strategic pivots include diversified trade portfolios, opening the door to heightened competition from such global players as China and Russia, which are aggressively pursuing business opportunities and influence in the Arab world.  (For example, Russia has exploited food insecurity across the region, shortages that were caused by – and exacerbated by – Russia's invasion of Ukraine.)  These strategic pivots underscore a period of significant transformation, one that presents both opportunities and challenges for U.S. stakeholders and their counterparts in the MENA region.

To read the full report, please click https://www.nusacc.org/uploads/2/2/9/7/22977530/24tradeda...