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Aramco, the Saudi national oil company in Dhahran.
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| By israelinsider staff March 18, 2007 |
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After reaching a record $35 billion in 2006, United States exports to Arab nations are expected to reach a booming $45 billion in 2007, experts predicted in a new report released last week, as reported by Reuters.
"We are charting new territory in America's trade relations with the Arab world," said President of the National US-Arab Chamber of Commerce, David Hamod in a statement.
2006 marked a 28 percent increase in U.S. exports to 22 different Arab countries. Saudi Arabia and the United Arab Emirates were responsible for more than half of this total, and imports differ by country.
According to the report "cyclical demand for big-ticket items is on the upswing, including civilian aircraft, military systems and border security systems.
"The region's consumer market is also helping to drive up US export sales," continued the report. "Arab consumers have more disposable income than ever, and American products continue to carry significant cachet."
Despite the expected jump in exports for this year, the report also warned that America's War in Iraq was only one of the threatening factors to the commerce in the coming future.
According to the report, "Business and political leaders are unsettled by forces that the Iraq conflict has unleashed -- including the deepening schism between Sunni and Shia Muslims -- and these leaders are increasingly concerned about the timing and terms of a US pullout from Iraq."
There is also a feeling of xenophobia and "Arab bashing" perceived by the Arab world as prevalent in America since September 11, and more recently, since last year's American public uproar over state-owned Dubai Port World's plan to operate a port in the U.S.
Because of this, the report stated, many Arab businessmen are choosing to deal within the Arab world, taking investments out of the U.S.
Reuters reported that according to the report, however, "there are signs that US free trade pacts with Jordan, Morocco, Bahrain and Oman are generating increased commerce. Trade between the four countries and the United States grew 32 percent in 2006, compared to 24 percent for other Arab countries." |
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