Thanks to steady increases, the six economies of the Gulf Cooperation Council (GCC) have succeeded in reversing the balance to their advantage in 2011 with regard to doing business with the US.
Calculating statistics released by the US Census Bureau, this writer feels that the GCC has collectively enjoyed a $10 billion (Dh36 billion) net trade balance in goods in 2011. By comparison, the US recorded a tiny $500 million trade surplus in 2010.
The shortage with the GCC is insignificant by American standards, having sustained a deficit of $737 billion in goods trade last year.
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