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The exports of Gulf countries to the US in Q1 2024 soar by 20%, reaching $6.22 billion, compared to $7.79 billion in exports during the same period last year.
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The value of GCC countries’ imports from the US increased to about $12.25 billion in Q1 2024.
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Saudi Arabia represents the largest portion of America’s imports from the Gulf countries, amounting to about $3.29 billion during the first quarter of this year.
According to US government’s economic data, Kuwait’s exports to the United States of America declined by 11.3% in the first quarter of this year, totaling $220 million. This places Kuwait sixth in the Gulf region in terms of export value to America, compared to exports worth $248.3 million in the first quarter of 2023.
On the other hand, Kuwait’s imports from the US in the first quarter of this year amounted to approximately $535.7 million, compared to imports worth $638.2 million in the corresponding period of the previous year.
Regarding Gulf countries’ exports to the US during the first quarter, they increased by 20%, reaching $6.22 billion, compared to $7.79 billion in exports for the same period last year.
Additionally, the value of GCC countries’ imports from the US also increased during the period to about $12.25 billion, compared to $11.23 billion in the first quarter of 2023.
The trade surplus between the Gulf Cooperation Council countries and the US reached approximately $6.04 billion in favor of the US during the first quarter of 2024, compared to a deficit of $3.44 billion in the corresponding period of 2023.
Saudi Arabia represents the largest portion of America’s imports from the Gulf countries, amounting to about $3.29 billion during the first quarter, compared to $4.38 billion in exports for the same period in 2023, marking a decline of 25%.
Additionally, the value of Saudi Arabia’s imports from the US during the first quarter was about $3.23 billion, compared to $2.98 billion in the comparable quarter of the previous year.
The value of the UAE’s exports declined by 15.46% in the first quarter, reaching about $1.43 billion, compared to about $1.69 billion in the same period last year. Additionally, the value of the UAE’s imports from the US reached about $6.7 billion, compared to $6.21 billion in the corresponding period of 2023.
As for the State of Qatar, its exports to the US in the first quarter amounted to about $646.2 million, marking a 7.55% decline from the comparative quarter of last year when exports amounted to $698.9 million. Moreover, the value of Qatar’s imports from the US was about $991 million, compared to $997.6 million in the first quarter of 2023.
An annual decline of 4% was recorded in Kuwaiti exports to Tokyo, totaling $605 million.
