A recent bilateral trade discussion between the United States and Morocco has led to an increase in the export of other residues of petroleum oils (HS Code: 271390) from the US to Morocco, facilitated by reduced trade barriers under the US-Morocco Free Trade Agreement.
2023-10-15
Impact: This is expected to enhance the volume of petroleum residue exports from the US to Morocco, potentially increasing market share for US exporters in the Moroccan energy sector.
Morocco Increases Demand for US Petroleum By-Products
Morocco's growing industrial sector has spurred demand for other residues of petroleum oils from the United States, with a reported 15% increase in imports over the past quarter.
2023-09-22
Impact: This surge in demand may lead to higher export revenues for US companies dealing in petroleum residues, strengthening economic ties between the two nations.
New shipping routes and logistics agreements between US and Moroccan ports have reduced transit times for petroleum residue shipments, including HS Code 271390 products.
2023-08-30
Impact: Improved logistics are likely to lower costs and increase the competitiveness of US petroleum residues in the Moroccan market, potentially boosting trade volumes.
Policy Updates
US-Morocco Free Trade Agreement Review
The United States and Morocco conducted a review of their Free Trade Agreement, reaffirming commitments to reduce tariffs on industrial goods, including other residues of petroleum oils (HS Code: 271390), to promote bilateral trade.
Date: 2023-07-10
Morocco Updates Import Regulations for Petroleum Products
Morocco introduced new environmental and quality standards for imported petroleum residues, requiring US exporters to comply with stricter testing and certification processes.
