US exports to Morocco reached a record high of $3.8 billion in 2023, a 34% increase from the 2022 and a 51% increase from 2013, according to data obtained by Hespress from the Office of the United States Trade Representative.
This represents a more than 680% increase compared to 2005, the year before the US-Morocco Free Trade Agreement (FTA) went into effect.
Mineral fuels topped the list of US exports to Morocco at $1.4 billion, followed by aerospace products at $676 million, animal feed and recycled food at $340 million, machinery at $220 million, and fresh and dried fruits and nuts at $136 million.
Total US agricultural exports to Morocco reached $647 million in 2023, with soybeans leading the way at $226 million, followed by tree nuts at $137 million, distiller’s grains at $91 million, corn at $67 million, and wheat at $23 million.
In terms of services exports, the data shows that the value reached $734 million in 2022, a 47.1% increase from 2021. Travel, financial services, and transportation were the top sectors for US services exports to Morocco.
In other news, Morocco imported more than 21,000 metric tons of wheat from the US in 2022.
US exports of liquefied petroleum gas (LPG) to Morocco and the world have also increased significantly in recent years, from $1.1 billion in 2016 to $4.4 billion in 2023.
Morocco’s imports of LPG from the US have also increased during this period, from $872 million to $1.6 billion in 2023.
The Office of the United States Trade Representative also revealed that Morocco has been diversifying its sources of LPG imports in recent years.
The US, Spain, Italy, and the Netherlands used to be Morocco’s main sources of LPG imports, while the EU’s share of Moroccan imports has remained stable during this period. However, the US share of imports has increased from 16% in 2016 to 76% in 2023.
The report also noted that this increase in the US share of imports coincided with the complete cessation of Moroccan imports by 2023 from countries that were previously exporters to Morocco, particularly Algeria, whose share fell from 36% in 2016 to zero in 2023.
Mexico, Nigeria, Colombia, Peru, and Russia, which all had a single-digit value of imports in 2016, also saw their shares fall to zero in 2023.
The US-Morocco FTA has been a major factor in the growth of trade between the two countries. The agreement has eliminated tariffs on most goods traded between the two countries and has also made it easier for US companies to invest in Morocco.
The FTA has been beneficial for both countries. Morocco has gained access to the large US market, while the US has gained access to Morocco’s growing economy.
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