Petroleum Africa
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Sunday, August 21, 2016
Despite all the talk about how US companies do not export enough, recent data showed that one African country has seen a number of exports from the Western nation. According to export data from the International Trade Administration (ITA), the US’ exports to Morocco have tripled since the US-Morocco Free Trade Agreement (FTA) went into effect in 2006.
Morocco also has the distinction of being the first African country a FTA was signed with. The FTA between the US and Morocco was signed by President George W. Bush.
The data shows that between 2003-2005, the three years prior to the FTA going into effect, US exports to Morocco averaged $482 million; in the past three years they increased 328% percent to $2.1 billion.
Just what are is being exported to Morocco? The biggest exports to Morocco include petroleum, aerospace and automotive parts, and food products. In turn the US imports fertilizer, electric machinery, and certain agricultural products from the North African country.
Where are these export items coming from? At the state level, Texas claims the spot as the top exporter to Morocco, both in 2015 and on average over the past three years, exporting $510 and $710 million worth of goods, respectively. Louisiana, West Virginia, Washington, and California round out the top five exporters at a state level in 2015.
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