Economy

Spain Heads EU Trade Surge with Morocco in 2023

Thursday 13 June 2024 - 14:20

In a significant development for European-Moroccan trade relations, Spain has solidified its position as the leading exporter from the European Union to Morocco in 2023. According to the latest figures from the Spanish Embassy in Rabat, Spain commanded an impressive 36.8% of the EU's total exports to Morocco.

Trailing Spain, France held the second spot with 19.1% of the total exports, followed by Germany at 9.8%, Italy at 8.4%, and the Netherlands at 4.4%. This data highlights the robust economic ties between Spain and Morocco, with Spain consistently at the forefront of EU exports to its North African neighbor.

The early months of 2024 have continued this trend, with French exports witnessing a notable 15% increase. Despite this surge, Spain maintains its dominant position, underscoring the deep-rooted economic relationship between the two nations. This upward trajectory in trade signifies a strengthening bond between Morocco and the EU, particularly with its foremost exporters.

On the import side, Spain has been the EU's top importer from Morocco for ten consecutive years. In 2023, Spain accounted for over a third of the EU's total imports from Morocco, with a share of 37.8%, reaffirming its status as Morocco's principal European trading partner.

France, Italy, Germany, and Belgium followed as the top five EU importers from Morocco, with respective shares of 29%, 8.4%, 5.9%, and 3.5%. The beginning of 2024 has seen a continuation of this pattern, with significant increases in trade flows to Spain. Combined, Spain and France accounted for 67% of the EU's imports from Morocco and 56% of its exports in 2023, highlighting their pivotal roles in the EU-Morocco trade landscape.

The close geographical proximity and robust bilateral relationships between Spain, France, and Morocco heavily influence these foreign trade patterns. The latest data from Eurostat, as provided by the Spanish Embassy, indicates that overall EU exports to Morocco reached €32.96 billion in 2023, marking a 4.2% increase from the previous year. In contrast, EU imports from Morocco saw a 7.6% rise, totaling €23.39 billion.

For the first quarter of 2024, EU exports to Morocco stood at €8.75 billion, representing a modest 1.25% increase compared to the same period in 2023. Despite a slight decline in the trade coverage ratio from 145.5% in 2022 to 141% in 2023, the overall trade relationship between the EU and Morocco remains robust and continues to thrive.

These figures underscore the critical economic interdependence between Morocco and the EU, particularly with Spain and France leading the charge in fostering this dynamic trade environment.