U.S. does $220 billion in trade with Muslim countries
LONDON– President Trump’s travel ban on the citizens of seven Muslim-majority countries has created confusion and concern across the Middle East and parts of Asia.
The Organization of Islamic Cooperation, which represents dozens of Muslim countries, expressed “grave concern,” warning that it would “embolden the radical narratives of extremists.” The Arab League slammed it as unjustified.
Only one of the countries on Trump’s list — Iraq — has a significant trading relationship with America. It is the sixth biggest source of U.S. oil imports.
But the ban could damage wider U.S. interests. There are around 47 countries and territories in the world where Islam is the dominant religion. Total U.S. trade in goods with those countries topped $220 billion in 2015, according to the U.S. Census Bureau. In the first 11 months of 2016, the value of trade reached $194 billion.
Put another way, the U.S. does roughly 6% of its total trade with Muslim-majority countries.
The bulk of the trade in goods — 94% — was with just 15 countries, including Malaysia, Saudi Arabia, the United Arab Emirates, Turkey, Indonesia and Iraq.
Here are the U.S.’ top trading partners in the Muslim world.
The U.S. runs a $22.9 billion trade deficit with Malaysia.
American firms including Exxon Mobil, Chevron, ConocoPhillips, Murphy Oil and Dow Chemical have invested billions in the country though subsidiaries and in contracts with local companies.
Other hot areas include financial services and manufacturing.
The Bureau of Economic Analysis said U.S. companies invested nearly $14 billion in Malaysia in 2015.
Saudi Arabia and the U.S. traded over $31 billion worth of goods in the first 11 months of 2016. American companies exported cars, industrial machinery, construction equipment, civil aircraft, defense systems, IT and health care products to the Kingdom.
In return, the U.S imported 386 million barrels of oil from Saudi Arabia in 2015, according to the U.S. Energy Information Administration. The country is the second biggest source of foreign oil into the U.S.
American firms have invested $10 billion in the country, according to the BEA. General Electric alone has invested $1 billion.
The U.S. and the UAE traded $23.3 billion worth of goods in the first 11 months of 2016.
It’s the single largest market for U.S. exports in the Middle East, and American companies have invested $15.6 billion into the country.
More than 1,000 American firms operate in the country.
Boeing’s Middle East headquarters is in Dubai. It has partnered with local investment company Mubadala to manufacture parts for the 777 and 787 Dreamliner aircraft. The deal, announced in 2013, is worth $2.3 billion over 10 years.
Lockheed Martin, GE and ExxonMobil also have long-term business partnerships in the country.
Indonesia is home to the world’s largest Muslim population.
Trade in goods between the country and the U.S. reached $23 billion in the first 11 months of 2016.
Indonesia, which is a member of the G20 group of world’s biggest economies, has attracted $13.5 billion in American investments, mainly in the mining sector.
General Motors has a plant near the capital Jakarta. Cargill also has a major presence in the country.
Trade between the U.S. and Turkey grew to $17.4 billion in 2015 from $10.8 billion in 2009.
U.S. companies have invested $3.6 billion in Turkey in recent years, led by the banking and manufacturing sectors.
Ford, General Electric and Unilever all do business in the country. With over 10,600 staff, Ford is the biggest employer in the Turkish automotive industry.