Morocco's trade relationship with Spain reaches historic highs

Morocco has firmly established itself as Spain’s foremost African trading partner, achieving remarkable bilateral trade figures in 2024. Recent data from the Spanish Ministry of Economy, Trade and Enterprise reveals that trade between the two nations surged to €22.7 billion, marking a significant milestone in their economic relationship.

Record-breaking trade figures

In 2024, Spanish exports to Morocco reached €12.86 billion, accounting for 3.34% of Spain’s overall exports. This impressive performance positions Morocco as Spain's seventh-largest global client and third-largest non-EU trading partner, trailing only the United Kingdom and the United States. Notably, Morocco has outpaced both Belgium and the Netherlands in Spain's international trading rankings.

The diversity of Spanish exports to Morocco spans multiple sectors, with fuels leading at 18% of total exports. Other significant categories include mechanical equipment (12%), vehicles (11%), electrical equipment (9%), and plastics (6%).

Conversely, Moroccan exports to Spain amounted to €9.83 billion, representing 2.32% of Spain’s total imports. This achievement makes Morocco the tenth-largest global supplier to Spain and the fourth-largest non-EU provider, following China, the United States, and the United Kingdom. The composition of Moroccan exports shows a strong emphasis on electrical equipment, which constitutes 30% of the total, alongside non-knitted clothing (15%), vehicles (12%), fish (9%), and fruits (6%).

Strong investment ties

Spain plays a pivotal role in EU-Morocco trade relations, accounting for 37% of Morocco's imports from the European Union, surpassing France (20%), Germany (10%), and Italy (8%). Additionally, Spain is the leading destination for Moroccan exports within the EU, absorbing 38% of Morocco's total exports to the region.

Within the broader African context, Morocco is responsible for 61% of Spain’s total exports to the continent and 79% of exports to North Africa. Furthermore, Morocco constitutes 28% of Spain’s African imports, leading ahead of Algeria (18%) and Nigeria (16%).

Spanish investments in Morocco have also seen substantial growth, with total investment stock reaching €1.905 billion as of 2022, creating 27,655 direct jobs. These investments cover various sectors, including insurance, construction, and non-metallic products manufacturing. Morocco is Spain’s 29th largest global investment destination and the leading investment destination in Africa.

While Moroccan investments in Spain are comparatively modest, they totaled €152 million as of 2022, resulting in 667 direct jobs primarily in financial services, commerce, and real estate. Morocco ranks as Spain’s 62nd largest global investor and fifth among African investors.

A flourishing economic partnership

The bilateral trade relationship between Morocco and Spain has experienced consistent growth over the past two decades. Spanish exports to Morocco have increased from just 1.1% in 2000 to 3.34% in 2024, while imports from Morocco have risen from 0.57% to 2.32% during the same timeframe. This upward trend underscores the robustness of their economic partnership, reflecting the mutual benefits and opportunities that lie ahead.