Morocco records historic trade surplus with Spain in 2025

Monday 07 September 2026 - 15:10

By: Azzat Manal

Morocco records historic trade surplus with Spain in 2025

Morocco recorded an unprecedented trade surplus with Spain in 2025, marking a significant shift in the economic relationship between the two countries and highlighting the growing presence of Moroccan products on the Spanish market.

According to data from the United Nations International Trade database, Moroccan exports to Spain reached approximately €19.6 billion in 2025, while imports from Spain stood at around €16.5 billion. This resulted in a Moroccan trade surplus of more than €3 billion.

The change becomes particularly striking when compared with 2024, when Spain still held the advantage in bilateral trade. Moroccan exports to the Spanish market amounted to roughly €16 billion that year, compared with nearly €18 billion in imports from Spain, giving Madrid a surplus of around €2 billion.

Spanish economist María Ángeles Ruiz Izpizua of EAE Business School attributed the transformation primarily to the growing momentum of the Moroccan economy rather than to political fluctuations that have affected bilateral relations in recent years.

According to comments reported by The Objective, the Moroccan economy has strengthened its export capacity while diversifying its industrial base and reducing its dependence on certain foreign suppliers, including the United States.

The composition of bilateral trade also illustrates the changing balance. Liquefied natural gas remains one of the significant Spanish exports to Morocco, while electrical and industrial products have become increasingly important among Moroccan exports to Spain. Cables, electrical components and equipment are now among the products contributing to Morocco's expanding industrial presence in the Spanish market.

This trend reflects the development of Morocco's manufacturing sector and its deeper integration into European production chains. Geographic proximity, competitive production capabilities and Morocco's position as a gateway to the European market have helped strengthen these commercial links.

Moroccan exports are not limited to industrial goods. Agricultural and food products have also gained importance, alongside higher-value products such as olive oil and argan oil, which is widely used in the cosmetics and fragrance industries.

The agricultural relationship between the two countries has also evolved. Morocco has gradually strengthened its position as a supplier of agricultural and food products while simultaneously developing its domestic capacity in areas that previously relied more heavily on imported equipment and technology.

Spain could face growing difficulties in restoring the trade surplus it recorded in previous years if Moroccan exports continue to expand at their current pace. Spanish energy exports, including liquefied natural gas, remain important in terms of value, but demand for these products may not increase as rapidly as Morocco's industrial and agricultural exports.

The 2025 figures therefore point to more than a temporary fluctuation in bilateral trade. They could signal a gradual restructuring of the economic relationship between Rabat and Madrid, with Morocco emerging as a stronger trading partner and taking greater advantage of its proximity to Spain and the wider European market.

The development also underlines Morocco's broader strategy of strengthening domestic production, expanding export-oriented industries and increasing its participation in European value chains. For Spain, the evolution of bilateral trade highlights the growing importance of Morocco as both a regional production base and an increasingly competitive supplier of industrial and agricultural goods.