Morocco’s trade with EU hits new heights in 2024

Morocco has solidified its status as a crucial trading partner for the European Union, with trade figures surpassing €60 billion ($65 billion) in 2024. This announcement was made by the Delegation of the European Union to Morocco during the International Agricultural Fair in Meknes (SIAM), highlighting the robust economic relationship between the two entities.

The EU remains Morocco’s largest trading partner, accounting for nearly half of the nation’s imports and about two-thirds of its exports. It is also the primary source of foreign investment in Morocco, contributing over half of the total inflows into the country.

In agricultural trade, Morocco achieved a record of €7 billion ($7.6 billion) in 2024, which constitutes 12% of the total goods exchanged with the EU. Notably, Morocco enjoyed a trade surplus exceeding €1.4 billion ($1.5 billion) in this sector.

Morocco emerged as the EU's leading vegetable supplier last year, exporting over 1 million tons of produce, which generated €1.7 billion ($1.84 billion) — a 7% increase from 2023. Tomatoes were particularly significant, accounting for 29% of Morocco’s agricultural exports to the EU by value. In this category, exports rose 3% to €1 billion ($1.08 billion), while the volume increased by 18% to 581,000 tons.

Since the signing of the agricultural agreement with the EU in 2012, Morocco has benefited from increased liberalization of trade in agricultural and fisheries products. This agreement has afforded Moroccan goods, particularly tomatoes, citrus fruits, and early vegetables, greater access to the EU market through reduced tariffs and streamlined regulations.

In reciprocity, European agricultural products have also enjoyed improved access to Moroccan markets. This collaboration has significantly enhanced Morocco’s export potential and trade surplus in agriculture. Additionally, Morocco has held "advanced partner" status with the EU since 2008, becoming the first non-European nation to achieve this recognition. This status not only strengthens political, economic, and social cooperation but also allows Morocco to engage in various EU programs and benefit from European funding and technical assistance. It fosters alignment with EU standards and promotes collaboration in education, infrastructure, governance, sustainable development, and migration.