The National U.S.-Arab Chamber of Commerce (NUSACC) said last week that U.S. exports to the Middle East and North Africa region decreased in 2015.
NUSACC said exports to the region are estimated at approximately $67.4 billion, a 5.6 percent decline from figures reported in 2014. While overall exports decreased, NUSACC said that exports to the United Arab Emirates increased by 4 percent and Saudi Arabia saw exports increase 5 percent in 2015.
NUSACC also said that increases were reported in Oman, Djibouti, Somalia and Bahrain. The NUSACC attributes overall decreases to challenges that U.S. exporters faced in relation to decreasing oil prices on a global scale. Despite this, NUSACC said there is development in the region that increases confidence for long-term growth.
"As governments in the region redouble their efforts to meet the needs of their citizens, Arab public and private sector leaders recognize that U.S. products and services are synonymous with quality and value," NUSACC President and CEO David Hamod said. "Infrastructure development continues to be a top priority throughout the region, and U.S. companies excel in this field. We are also seeing a surge in such service-oriented sectors as education, training, and health care."
Alerts Sign-up