US exports to Morocco more than tripled
According to statistics from the US Department of State for International Trade (ITA), relayed by the press agency (private) Marketwire, US exports to Morocco more than tripled since the entry into force of the Free Trade Agreement (FTA) between Morocco and USA in 2006.
Before the FTA between 2003 and 2005 the US exported $ 482 million while between 2013 and 2015, US exports totaled $ 2.1 MM.
The state of Texas is the largest exporter to the Kingdom for the last three years. In 2015 alone, the state exported $ 510 million of assets. Taking the total over the period 2012-2015, the top five US states exporting to Morocco are the states of Texas, Louisiana, Virginia, Washington and California.
Morocco has positioned itself as a hub for American companies in the African and European markets; through aggressive economic reforms, which have made the country a preferred destination for foreign direct investment in Africa. Earlier this year, Morocco was ranked by Bloomberg Innovation Index 2016, among the 50 most innovative economies in the world.
The United States is Morocco’s 6th largest trading partner, and Morocco is the 55th largest trading export market for U.S. goods. In 2006, Morocco and the United States Free Trade Agreement entered into force. Morocco has also signed a quadrilateral FTA with Tunisia, Egypt, and Jordan, and a bilateral FTA with Turkey. Additionally, it is seeking trade and investment accords with other African, Asian and Latin American countries. Morocco’s leading exports include phosphates and textiles. Morocco’s banking system is one of the most liberalized in North Africa; it is also highly concentrated, with the six largest banks accounting for 85 percent of banking sector assets.