UAE and US commodity trade reaches Dhs65.44 billion
The total value of commodity trade between the UAE and the United States reached Dhs65.44 billion ($17.83 billion) last year, down by around 27 per cent from Dhs89.26 billion ($24.32 billion) in 2019. The drop was caused by the decline in global trade movement as a result of the COVID-19 and economic lockdown measures to curb the spread of the pandemic.
Official statistics from the US Department of Commerce showed that the value of commodity exports from the UAE to the United States decreased last year by around 29 per cent to Dhs11.27 billion ($3.07 billion) down from Dhs16 billion ($4.35 billion) in 2019.
The value of the UAE’s imports from the United States last year decreased by 26 per cent to Dhs54.16 billion ($14.76 billion) down from Dhs73.31 billion ($19.98 billion) in 2019.
By this, the deficit of the UAE’s balance of trade with the United States declined by 25.2 per cent to Dhs42.89 billion ($11.69 billion), down from Dhs57.35 billion ($15.63 billion) in 2019.
According to the data, the months of April and May of last year witnessed the largest decline in the value of the UAE’s trade with the United States. The UAE’s imports from the United States declined by around 36.4 per cent in April and by 55 per cent in May 2020. However, trade was brisk again after economic activities resumed in the second half of last year to approach the same levels recorded in the corresponding period of 2019.