latest sports news

Follow us on Facebook

Walaw

Economy

Europe remains Morocco’s leading trade partner despite slight decline

09:20

By: Dakir Madiha

Zoom

Morocco's trade exchanges with global markets recorded a notable increase of 6.3% in 2024, yet Europe retained its position as the country's dominant trade partner, despite a modest decline in its overall share.

New data from Morocco’s Exchange Office reveals that European partners accounted for 62% of Morocco’s total trade in 2024, down slightly from 63.2% in 2023. This included 56.4% of Morocco's imports originating from Europe and 71.4% of its exports directed to the EU.

Trade volume between Morocco and Europe increased by 4.1%, reaching MAD 754.9 billion compared to MAD 724.8 billion in the previous year. The European Union accounted for 86.6% of this figure, with Spain leading as Morocco’s top European trade partner, followed by France, Germany, Italy, and Turkey.

Trade with Asia sees significant growth

Morocco’s trade with Asian countries rose by an impressive 12.7% in 2024, rebounding from a sharp 15.8% drop in 2023. Asia’s share of Morocco’s total trade increased to 20.1%, up from 18.9% the prior year.

China remained Morocco's leading Asian partner for the 13th consecutive year, with notable contributions from India and Kazakhstan further driving growth in the region.

Increased trade with the Americas

Commercial exchanges with the Americas also gained momentum, growing by 6.1% overall. Trade with the United States surged by 15.8%, reflecting strengthened economic ties between the two nations.

African trade rebounds

Trade between Morocco and African nations rose by 6.3% in 2024, recovering from an 18.1% slump the previous year. Egypt remained Morocco’s top African trade partner for the sixth consecutive year, contributing significantly to this growth.

Oceania sees limited but notable gains

Though trade with Oceania remains modest, it experienced a remarkable 48.1% increase in 2024, primarily driven by stronger exchanges with Australia.

Trade deficit widens amid rising imports

Morocco’s overall trade with the world reached MAD 761.3 billion in imports in 2024, marking a 6.4% increase compared to 2023. Exports rose by 6.1% to MAD 456.3 billion. However, the trade deficit widened by 6.8%, reaching MAD -304.9 billion.

The report underscores Morocco’s growing diversification of trade partnerships while maintaining Europe as its primary economic partner, even as other regions increase their share in the country’s global trade network.