Trade partnership reaches new heights: Morocco-Spain commercial ties soar in 2024
Spain and Morocco's bilateral trade has shown remarkable growth in the first ten months of 2024, according to recent data from the Spanish State Secretariat for Trade. Spanish exports to Morocco reached €10.843 billion, marking a 6.8% increase, while Moroccan exports to Spain grew by 9.1% to €8.220 billion.
This growth rate surpasses Spain's trade performance with other global partners during the same period, highlighting the robust commercial relationship between the two kingdoms. The Spanish State Secretariat for Trade emphasizes that this trend demonstrates the strength and excellence of bilateral relations between the countries.
The current trajectory suggests that 2024 will surpass the previous record set in 2023, when Spanish exports reached €12.145 billion and imports totaled €9.032 billion. The trade department anticipates reaching unprecedented levels by year's end.
Morocco has emerged as Spain's primary export destination in Africa and ranks seventh globally, accounting for 3.37% of Spain's total worldwide exports. On the import side, Morocco stands as Spain's leading African trading partner and tenth worldwide.
The commercial relationship has flourished over the past three years, with trade volumes growing exponentially. Spanish exports to Morocco have steadily increased from 3% of total exports in 2022 to 3.2% in 2023, with projections reaching 3.4% for 2024. Similarly, imports from Morocco have risen from 1.9% in 2022 to 2.1% in 2023, reaching 2.3% in the first ten months of 2024.
Spain's exports to Morocco show significant diversification, with key sectors including fuels and lubricants (20%), mechanical machinery (12%), and vehicles (9%). Morocco's exports to Spain primarily consist of electrical equipment (30%), non-knitted clothing (14%), vehicles (12%), fish (10%), and fruits (6%).
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