Trading Partner Portal: Morocco
Overview
Trade Overview
Morocco is slightly geographically larger than California. It is in between the Western Sahara and Algeria in North Africa. The capital of Morocco is Rabat, which is bordered by the Atlantic Ocean. Morocco has a population of 37.84 million people and a gross domestic product (GDP) of $141.11 billion. Due to its proximity to Europe, Morocco has created strong trade relationships and promotes an open market economy.
U.S. – Morocco Trade
In 2023, the U.S. exported roughly $3.83 billion worth of goods to Morocco. The largest category of exported goods was oil and gas, which made up $884 million of the total. Other exports to Morocco from the U.S. included transportation equipment ($771 million), minerals and ores ($320 million), chemicals ($309 million), petroleum and coal products ($288 million).
In the same year, the United States imported roughly $1.7 billion worth of goods from Morocco. The main imports from Morocco were computer and electronic products ($283 million), transportation equipment ($278 million), apparel and accessories ($261 million), and processed foods ($162 million). U.S. Department of Commerce
Morocco -California Trade
California exported $209 million worth of goods to Morocco in 2023. The key exported product categories were agricultural products (136 million), computer and electronic products ($24 million), non-electrical machinery ($13 million), transportation equipment ($9 million), and processed foods ($5 million).
In 2023, California imported $390 million of various goods from Morocco. The largest import category was computer and electronic products with a value of $264 million. Some of the other major imports were apparel and accessories ($57 million), processed foods ($24 million), nonmetallic mineral products ($14 million) and agricultural products ($7million). Out of the states, California is the largest importer of Moroccan goods. U.S. Department of Commerce
FDI – Morocco
In 2023, the U.S. had $275 million in foreign direct investment (FDI) in Morocco. BEA
More Articles :
Posting First Rise Since 2014, U.S. Exports to Arab World Grow 4 Percent to $62.64 Billion in 2019
National U.S.-Arab Chamber of Commerce, February 9, 2020
U.S. Goods Exports to Arab Countries 2018 vs. 2019
National U.S.-Arab Chamber of Commerce, February 2020
WTO Trade Policy Review: Morocco (02/02/2016-02/04/2016)
Morocco has sustained a substantial level of economic growth annually. The report mentions that the FTA with the United States has opened up the market access for Moroccan non-agricultural products, excluding textiles and clothes. The majority of agricultural products are traded free of duty and some enjoy tariff preferences. The report also mentions the open strategic dialogue between the two countries to further and improve the economic relationship.
U.S. Goods Exports to Arab Countries 2018 vs. 2019
National U.S.-Arab Chamber of Commerce, February 2020
Trade Agreements
Trade Agreements and Issues
The United States- Morocco Free Trade Agreement
The United States- Morocco Free Trade Agreement was signed in June of 2004. Its implementation began in the beginning of 2006. It was economically beneficial for both sides with the elimination and reduction of trade barriers. 95% of tariffs of bilateral trade between Morocco and the United States were eliminated with the agreement. All tariffs were to be phased out after nine years. Five years after the FTA’s implementation, the US exported $2.8 billion worth of goods to Morocco and the trade surplus with Morocco was $1.8 billion, which was a dramatic increase from the $79 million the year before the FTA was enacted.