ITC releases fifth sub-Saharan Africa trade and investment report
The U.S. International Trade Commission released its fifth and final report Thursday on U.S. trade and investment development in sub-Saharan Africa.
The report provides an update for 2003 on U.S.-sub-Saharan Africa trade and investment flows in major industry sectors; on the African Growth and Opportunity Act (AGOA); discussions on bilateral trade deals with the region; and continued economic assistance programs.
In 2003, the U.S.-sub-Saharan African merchandise trade reached $32.1 billion, an increase from $24.1 billion in 2002. U.S. exports to the region increased 13.1 percent in 2003 to $6.7 billion, and U.S. imports from the region increased 39.9 percent to $25.5 billion in 2003.
“The increase in U.S. exports to SSA (sub-Saharan Africa) was primarily because of increased exports of transportation equipment, agricultural products, and electronic products to Equatorial Guinea, Ethiopia, and South Africa; and the increase in U.S. imports from SSA was largely because of an increase in imports of energy-related products from Nigeria,” the ITC said.
With the passage of the AGOA III legislation in July 2004, AGOA-eligible countries continue to receive investment supported, in part, by their access to trade preferences under the AGOA program, the ITC report found.
In 2003, the sub-Saharan African region received $8.5 billion in new foreign direct investment, or 6.3 percent of global foreign investment flows to developing countries.
In addition, the ITC report cited that U.S. government agencies gave $132.7 million in fiscal 2003 for trade “capacity building.”
The ITC report (Investigation No. 332-415, USITC Publication 3741, December 2004) is available on line at http://wwwusitc.gov.