U.S. Exports to the Arab World, on the Rebound,
Expected to Reach $75 Billion in 2010 -
Translating into 740,000 U.S. Jobs
U.S.-Arab Chamber of Commerce
Releases 2010 Trade Forecast
DOHA, QATAR - At a high-level conference in Doha, Qatar today, the National U.S.-Arab Chamber of Commerce (NUSACC) revealed that 2010 will be a record-breaking year for sales of U.S. goods and services to the Arab world. American exports to the region are expected to rebound to nearly $75 billion this year, notes the Chamber's report, U.S.-Arab Trade Outlook: 2010, up from $63 billion in 2009. This is an increase of almost 20 percent over last year, propelling U.S. exports to the Middle East and North Africa (MENA) to an all-time high.
"Our research suggests that in 2010, the Middle East and North Africa will play a significant role in the global economic recovery," says David Hamod, President & CEO of the U.S.-Arab Chamber. "This is very good news for the U.S. economy in general and for American exporters to the MENA region in particular. This turnaround also bodes well for job creation in the United States, translating into 740,000 American jobs created or sustained this year by U.S. exports to the Arab world alone."
Total market demand in the Arab world is expected to grow 12 percent in 2010, to $796 billion. The top five Arab export markets for the United States in 2010 are slated to be the United Arab Emirates ($22.23 billion), Saudi Arabia ($17.04 billion), Egypt ($6.13 billion), Iraq ($5.47 billion), and Qatar ($5.05 billion).
U.S.-Arab Trade Outlook: 2010 indicates that U.S. exports to the region are on track to more than double by the year 2015. This will provide an important boost to President Barack Obama's National Export Initiative, which calls for doubling exports to $3 trillion over the next five years in order to support two million new jobs for Americans.
According to President Obama, who is quoted in the report, "In a time when millions of Americans are out of work, boosting our exports is a short-term imperative. Our exports support millions of American jobs. We have to be able to compete in the global market . . . [and] it has never been as important an opportunity for America as it is now."
The NUSACC report was released today during a conference in Doha entitled "Outlook 2010: Leading the Next 30 Years." President & CEO David Hamod spoke at the conference, which was hosted by the Federation of GCC Chambers of Commerce and Industry.
The Chamber's research affirms that there are significant U.S. export opportunities across the Arab world. Infrastructure build-out will continue to be the most significant driver behind foreign investment and exports to the region, particularly in the Gulf Cooperation Council (GCC) nations. The countries of the Arabian Gulf are making huge investments in upstream and downstream energy projects, power generation, water and waste treatment, ports and airports, roads & rail, hospitals, and schools. Big-ticket projects like these also open doors for related U.S. service providers, including those offering such cross-border services as logistics, engineering, training, and a wide array of other professional services.
U.S.-Arab Trade Outlook: 2010 also highlights some of the region's key trends and sectors beyond infrastructure build-out, including investment in interconnectivity, consumer trends, education services, travel and hospitality services, Free Trade Agreements, and security & defense plans.
All 22 nations of the Arab world are profiled in the Chamber's report. For each country, the report offers three important tables: 1) Imports, exports, and GDP comparisons over a five-year period; 2) "Top Ten" export sectors in each nation; 3) "Sectors to Watch," which focuses on niche opportunities that are particularly attractive to small and medium-sized enterprises in the United States.
The Arab world is a high growth market of over 300 million consumers, and U.S.-Arab Trade Outlook: 2010 quantifies a broad recovery in consumer confidence over the past year. The most upbeat consumers are in the GCC - in Qatar, the United Arab Emirates, and Saudi Arabia, respectively - and this consumer confidence is translating into increased purchases of U.S. goods and services.
"In 2009, deficit spending and big-ticket infrastructure projects ensured healthy growth in many industrial sectors, but businesses that depend heavily on consumer spending took a hit as shoppers around the world cut back on purchases," concludes David Hamod, the Chamber's President & CEO. "2010 is off to a great start, and we are looking forward to record sales for U.S. exporters to the Arab world in the months ahead."
"Our research suggests that in 2010, the Middle East and North Africa will play a significant role in the global economic recovery," says David Hamod, President & CEO of the U.S.-Arab Chamber. "This is very good news for the U.S. economy in general and for American exporters to the MENA region in particular. This turnaround also bodes well for job creation in the United States, translating into 740,000 American jobs created or sustained this year by U.S. exports to the Arab world alone."
Total market demand in the Arab world is expected to grow 12 percent in 2010, to $796 billion. The top five Arab export markets for the United States in 2010 are slated to be the United Arab Emirates ($22.23 billion), Saudi Arabia ($17.04 billion), Egypt ($6.13 billion), Iraq ($5.47 billion), and Qatar ($5.05 billion).
U.S.-Arab Trade Outlook: 2010 indicates that U.S. exports to the region are on track to more than double by the year 2015. This will provide an important boost to President Barack Obama's National Export Initiative, which calls for doubling exports to $3 trillion over the next five years in order to support two million new jobs for Americans.
According to President Obama, who is quoted in the report, "In a time when millions of Americans are out of work, boosting our exports is a short-term imperative. Our exports support millions of American jobs. We have to be able to compete in the global market . . . [and] it has never been as important an opportunity for America as it is now."
The NUSACC report was released today during a conference in Doha entitled "Outlook 2010: Leading the Next 30 Years." President & CEO David Hamod spoke at the conference, which was hosted by the Federation of GCC Chambers of Commerce and Industry.
The Chamber's research affirms that there are significant U.S. export opportunities across the Arab world. Infrastructure build-out will continue to be the most significant driver behind foreign investment and exports to the region, particularly in the Gulf Cooperation Council (GCC) nations. The countries of the Arabian Gulf are making huge investments in upstream and downstream energy projects, power generation, water and waste treatment, ports and airports, roads & rail, hospitals, and schools. Big-ticket projects like these also open doors for related U.S. service providers, including those offering such cross-border services as logistics, engineering, training, and a wide array of other professional services.
U.S.-Arab Trade Outlook: 2010 also highlights some of the region's key trends and sectors beyond infrastructure build-out, including investment in interconnectivity, consumer trends, education services, travel and hospitality services, Free Trade Agreements, and security & defense plans.
All 22 nations of the Arab world are profiled in the Chamber's report. For each country, the report offers three important tables: 1) Imports, exports, and GDP comparisons over a five-year period; 2) "Top Ten" export sectors in each nation; 3) "Sectors to Watch," which focuses on niche opportunities that are particularly attractive to small and medium-sized enterprises in the United States.
The Arab world is a high growth market of over 300 million consumers, and U.S.-Arab Trade Outlook: 2010 quantifies a broad recovery in consumer confidence over the past year. The most upbeat consumers are in the GCC - in Qatar, the United Arab Emirates, and Saudi Arabia, respectively - and this consumer confidence is translating into increased purchases of U.S. goods and services.
"In 2009, deficit spending and big-ticket infrastructure projects ensured healthy growth in many industrial sectors, but businesses that depend heavily on consumer spending took a hit as shoppers around the world cut back on purchases," concludes David Hamod, the Chamber's President & CEO. "2010 is off to a great start, and we are looking forward to record sales for U.S. exporters to the Arab world in the months ahead."
