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US Exports to UAE up 16 % in 2004
ABU DHABI (WAM) - The bilateral trade between the UAE and US continues to be favourable as there has been huge growth in exports in 2004, according to statistics revealed by the Dubai Chamber of Commerce and Industry(DCCI).

In 2004, US exports to the UAE recovered from the slump in 2003 to reach 4.1 billion US dollars and the figure represented an annual growth of 16 percent, according to a report in Khaleej Times.

On the other hand, US imports from the UAE remained relatively sluggish, posting an annual growth of only 1per ent to reach 1.1 billion US dollars. Consequently, net trade grew increasingly favorable to the US, for a total surplus of 2.9 billion US dollars, or 23 percent higher than the figure for the previous year.

In 2004, more than half (58 percent) US exports to the UAE were machineries and transport equipment, 18 percent of which were cars, including vans, station wagons and racing cars. Other products comprising the group with relatively high export values were civil engineering and contractors' plant and equipment , telecommunication equipment, aircraft and associated equipment and computers and computer parts and accessories.

According to a study by DCCI, More than 70 percent of US imports from the UAE were mainly organic chemicals, petroleum oils from bituminous minerals, aluminum, garments, pearls and precious and semi-precious stones , articles of iron, steel, copper or aluminum, perfumery, cosmetics and toilet preparations.

Direct exports of the UAE to the US consisted mainly of aluminum and garments. The other products were mainly re-exports. About 14 percent of US imports from the UAE were special transactions and commodities not classified to kind. These included goods on consignments and goods being returned to the US after being used in the UAE, such as machineries and equipment used in projects in the UAE.

It was in the 90s when US exports to the UAE started to significantly outpace imports. It was also the time when massive development projects were being undertaken in the UAE, requiring heavy equipment and machineries, and demands for household durables and high-end consumer items were going up resulting from increasing income.

Ceramics is one of the UAE's export winners to the US, specifically ceramic sinks, wash basins and wash basin pedestals, baths, bidets, water closet pans, flushing cisterns, urinals and similar sanitary fixtures.

According to DCCI, a UAE-US Free Trade Agreement is under consideration and the agreement would pave the way for products originating from UAE to enter US tariff free and for products originating from the US to enter UAE on similar terms. Tariff exemption would lead to lower prices of goods imported from the US in the UAE markets.

On the other hand, exports of the UAE to the US would be more price competitive in the US markets




 

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