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Slipping sub-Saharan non-oil exports to US tripled over 16 years
SUB-SAHARAN Africa's non-oil exports to the US have increased 300 per cent since the US African Growth and Opportunity Act (AGOA) kicked in 16 years ago, but have slipped slightly in the last year, said the Office of the US Trade Representative (USTR).
The USTR's 89-page 2016 Biennial Report blamed the slippage of sub-Saharan exports to the US in 2015 on falling oil and commodity prices.
The report states that sub-Saharan Africa's non-oil exports to the United States reached US$4.1 billion in 2015, reported American Shipper.
Thirty-eight of the 49 sub-Saharan African countries participate AGOA, which reduces US tariffs on numerous products from these countries to encourage and promote their economic development.
AGOA has stimulated increases of non-oil-based exports such as autos, car parts, apparel, fruits and nuts, cocoa, prepared vegetables, footwear and cut flowers from sub-Saharan Africa (SSA).
US exports to sub-Saharan Africa, on the other hand, totalled $17.8 billion in 2015, up 202 per cent compared to 2000, and US investment stock in sub-Saharan Africa stood at $34.4 billion in 2014 compared to $9 billion in 2001.
"As African leaders intensify efforts to increase regional integration and link together their markets, US companies are taking advantage of these larger markets that make trade and investment more attractive on the continent," USTR said.
"Under African Union leadership, a number of African regional economic communities are moving toward regional and Africa-wide trade and economic integration to promote both continent-wide trade as well as greater engagement in the global trading system," said the report.
Another USTR report stated the Generalised System of Preferences (GSP) and Caribbean Basin Economic Recovery Act (CBERA), showed benefits.
"This accounted for about 1.3 per cent of the United States' $2.2 trillion in total goods imports, and 13 per cent of the $212 billion in all goods sourced from the beneficiary countries," USTR said.
The Philippines, which has been a beneficiary of the GSP since 1976, was the fifth largest user of the programme behind India, Thailand, Brazil and Indonesia, exporting $1.4 billion to the United States in 2015 - 13 per cent of its total exports.
"US imports from the Philippines under GSP have increased 49 per cent since 2010, while total US imports from the Philippines have increased 28 per cent.
The USTR's 89-page 2016 Biennial Report blamed the slippage of sub-Saharan exports to the US in 2015 on falling oil and commodity prices.
The report states that sub-Saharan Africa's non-oil exports to the United States reached US$4.1 billion in 2015, reported American Shipper.
Thirty-eight of the 49 sub-Saharan African countries participate AGOA, which reduces US tariffs on numerous products from these countries to encourage and promote their economic development.
AGOA has stimulated increases of non-oil-based exports such as autos, car parts, apparel, fruits and nuts, cocoa, prepared vegetables, footwear and cut flowers from sub-Saharan Africa (SSA).
US exports to sub-Saharan Africa, on the other hand, totalled $17.8 billion in 2015, up 202 per cent compared to 2000, and US investment stock in sub-Saharan Africa stood at $34.4 billion in 2014 compared to $9 billion in 2001.
"As African leaders intensify efforts to increase regional integration and link together their markets, US companies are taking advantage of these larger markets that make trade and investment more attractive on the continent," USTR said.
"Under African Union leadership, a number of African regional economic communities are moving toward regional and Africa-wide trade and economic integration to promote both continent-wide trade as well as greater engagement in the global trading system," said the report.
Another USTR report stated the Generalised System of Preferences (GSP) and Caribbean Basin Economic Recovery Act (CBERA), showed benefits.
"This accounted for about 1.3 per cent of the United States' $2.2 trillion in total goods imports, and 13 per cent of the $212 billion in all goods sourced from the beneficiary countries," USTR said.
The Philippines, which has been a beneficiary of the GSP since 1976, was the fifth largest user of the programme behind India, Thailand, Brazil and Indonesia, exporting $1.4 billion to the United States in 2015 - 13 per cent of its total exports.
"US imports from the Philippines under GSP have increased 49 per cent since 2010, while total US imports from the Philippines have increased 28 per cent.
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