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US Agricultural Exports to Morocco Soar to $610 Million in 2023
Morocco Emerges as a Key Market for American Agricultural Products
The United States has witnessed a substantial surge in its agricultural exports to Morocco, with the total value reaching an impressive $610.17 million in 2023, as reported by the U.S. Department of Agriculture (USDA).
Reflecting on the past three years, the average annual export value of US agricultural products to Morocco stands at $592.65 million. From 2014 to 2023, this value has grown at a compound average rate of 3.9%, marking the highest export figures in the last decade.
In recent years, US agricultural exports to Morocco were valued at $603.43 million in 2022, $564.34 million in 2021, and $477.06 million in 2020. Despite a notable dip in 2019, when exports plummeted to $298.64 million from $586.57 million in 2018, the trend has been predominantly upward.
Leading the export categories in 2023 was soybean meal, experiencing a staggering 276% growth over the past ten years. The US exported 427,272 tons of soybean meal to Morocco, valued at $225.40 million.
Tree nuts, including almonds, Brazil nuts, cashews, hazelnuts, macadamia nuts, pecans, pine nuts, pistachios, and walnuts, formed the second most exported category. In 2023, Morocco imported 32,381 tons of tree nuts worth $137.03 million, showcasing an extraordinary 1755% growth over the past decade.
Morocco ranks as the 36th largest market for US agricultural exports, a testament to the strengthened trade relationship between the two nations, further bolstered by a free trade agreement signed on June 15, 2004, and effective since January 1, 2006.
In light of this growing trade partnership, efforts are underway to update the nearly two-decade-old free trade agreement (FTA). Last month, Moroccan Minister of Industry and Trade Ryad Mezzour and US Deputy Trade Representative Bryant Trick convened in Washington DC for the eighth session of the joint committee overseeing the agreement.
Both parties acknowledged the FTA’s successes and pinpointed areas for enhancement, particularly in addressing non-tariff barriers that restrict market access for Moroccan agricultural products like poultry and certain fruits and vegetables.
This burgeoning trade relationship underscores the potential for further growth and collaboration, promising a prosperous future for US-Morocco agricultural exchanges.