Morocco-Israel Trade Declines Amid Gaza Conflict"

Monday 04 March 2024 - 14:43

The ongoing conflict between Israeli forces and Palestinians in Gaza is evidently affecting trade relations between Israel and Morocco. Recent economic data from Israel indicates a sharp decline of 60% in trade between the two countries this year, compared to 2022 levels a notable downturn described by Israeli news outlet i24 News as "record-setting."

Morocco and Israel have forged stronger economic ties in recent years, particularly following the official renewal of diplomatic relations in 2020 under the Abraham Accords. However, the escalating violence in Gaza appears to be disrupting this burgeoning partnership. In 2022, total bilateral trade amounted to $180 million.

Nevertheless, Israel has acknowledged its failure to reach its ambitious target of $500 million in annual trade by 2024, due to the unrest, as stated by Israeli Economy Minister Orna Barbivai.

Morocco has publicly urged both parties to halt hostilities immediately and address the humanitarian crisis unfolding in Gaza. 'The international community cannot continue to turn a blind eye,' remarked Moroccan Foreign Minister Nasser Bourita to the UN Human Rights Council earlier this month.

With the mounting death toll from Israeli airstrikes reportedly exceeding 30,400 Palestinians killed, including thousands of children, Morocco may be expressing its disapproval through a cooling of commercial relations. The future trajectory of trade will hinge on how each country addresses the power imbalance fueling this recurring cycle of violence. For the time being, Morocco is sending Israel a clear message through its economic actions.