Discusses key economic indicators and trade statistics, which countries are dominant in the market, and other issues that affect trade.
Morocco is a country of 37,832,888 million people located on the north-west coast of Africa. According to the World Bank, Morocco’s GDP growth rebounded to 7.9% in 2021 after contracting by 6.3% in 2020. Growth in Morocco is projected to slow to 1.1% in 2022, as agricultural output declines by 17.3% due to an unprecedented drought. A still solid but moderating industrial performance and a faster recovery of the tourism sector will continue to drive the economy. Ongoing reforms are expected to increase potential growth over the medium The United States had a trade surplus with Morocco in 2021 of approximately $1.5 billion. Goods exported to Morocco from the United States in 2021 totaled $2.8 billion up nearly 55 percent from 2020 (https://www.census.gov/foreign-trade/balance/c7140.html).
The U.S.-Morocco Free Trade Agreement (FTA), entered into force in 2006, eliminated tariffs on 95 percent of consumer and industrial goods. Duties on most qualifying products were phased out by 2016. The FTA enhances protections for U.S. intellectual property, including trademarks and digital copyright, expanded protection for patents and product approval information, as well as imposed tough penalties for piracy and counterfeiting. According to Morocco’s Exchange Office, 58.4 percent of Moroccan imports from the United States fall under the FTA.
Moroccan businesses have historically strong ties to firms in France, Spain, and other European countries, but increasingly pursue a wider range of international partners, creating opportunities for U.S. firms. The Government of Morocco (GOM) has recognized the increasing importance of English language training, and a growing number of Moroccan businesses and government interlocutors speak English, in addition to French and Arabic.
Roughly 150 U.S. firms operate in Morocco, across the spectrum from multinationals to small or medium enterprises. Consumer goods and pharmaceutical companies manufacture some products locally and import others for distribution. The aerospace sector has attracted U.S. investment, concentrated in the Casablanca Midparc and Aeropole trade zones. Agro-industrial companies have also invested heavily in the country. Oil and gas companies hold exploration concessions in Morocco and offshore, while other energy companies are pursuing new opportunities in renewable energy and liquified natural gas (LNG). The local American Chamber of Commerce in Morocco has close to 300 members (about half are Moroccan firms which do business with U.S. firms) actively develops the U.S. - Morocco commercial relationship. For more information, please visit https://amcham.ma.