Syria Today | US-Syrian trade hits 16-year high

US-Syrian trade hits 16-year high

Trade between the US and Syria rose to a 16-year high last year. The rise in trade follows high oil prices. In February, the US Department of Trade allowed the export of spare parts for two Syrian-owned Boeing 747 aircrafts that have been out of service for years due to the lack of spare parts, the Syria Report economic newsletter reported.

Many of the aeroplanes belonging to government-owned Syrian Air, have been grounded due to missing parts. But in September 2008 Syria signed a deal estimated to be worth billions of dollars with European aircraft maker and Boeing rival Airbus to purchase 50 passenger jets.

The report of the Boeing sale comes two days after the US Treasury Department allowed SYP 23.5m (USD 500,000) raised by Syrians living in the US to be transferred to Syrian-based charity BASMA Children with Cancer Support Association.

A presidential decree in 2004 by then President George W. Bush banned all US trade with Syria except for food and medicine. The measure was introduced due to alleged Syrian support for militant groups both in Lebanon and in the Palestinian territories, as well as for allowing foreign fighters into Iraq.

Despite the ban, several major American companies have found ways to do business in Syria. General Motors cars that are sold in Syria are manufactured in the company’s factories in South Korea. Another major US company, Coca Cola, uses a bottling factory in Syria itself, while Cargill, an American sugar company, has also invested in a large factory.