The National US-Arab Chamber of Commerce (NUSACC) revealed that US merchandise exports to the Middle East and North Africa (MENA) region decreased during 2020 to $ 45.66 billion, a 27 percent decrease from 2019 levels, which amounted to $ 62.68 billion).
According to the Chamber, the reason for the decline is due to the Corona pandemic, where in 2020, due to the Covid 19 pandemic, consumer demand decreased, major projects were suspended, travel and tourism suspended, and the deficit rose to a record level. The pandemic also played an important role in the oil price war, which witnessed a remarkable decline in futures contracts, as the price of a barrel of oil reached 37 dollars.
In this context, the President and CEO of the National American-Arab Chamber of Commerce, David Hammoud, affirmed that "There has never been a year like 2020, US exporters have been hit hard, but by the end of the year, exporters were still present. The Arab World has remained resilient, although it also received many blows in 2020, the American products remained the preferred destination, even in the face of the global pandemic.”
Source (National US-Arab Chamber of Commerce (NUSACC), Edited)
