For the fourth consecutive year, Morocco is close to a new record in terms of foreign trade with Spain. According to official data from the neighboring kingdom, the latter exported a total value of 10.843 billion euros to Morocco, during the first ten months of 2024. Its imports totaled 8.220 billion euros, an annual growth of 6 .8% and 9.1% respectively.
These figures far exceed the overall results of Spanish foreign trade during the same period, where exports increased by only 0.7% and imports decreased by 0.4%. Analysts predict that the economic slowdown in countries like France and Germany will result in negative export figures by the end of the year, but with no impact on economic relations with Morocco.
Despite the absence of data for the last two months of 2024, the figures for trade between Morocco and Spain have already exceeded those recorded in 2021 over the same period. If the current trend continues, the records set in 2023 will be largely exceeded, with exports expected to reach 12.145 billion euros and imports 9.032 billion.
The Spanish government’s change in policy in March 2022 regarding the Sahara issue, supporting Morocco’s autonomy proposal, played a central role in strengthening bilateral relations, marking a “new phase”.
-According to the latest data, Morocco has become the second destination for Spanish exports outside the EU, after the United States and ahead of China. It also ranks third among Spain’s main suppliers outside the EU, after the United States and China, ahead of countries such as Brazil and Turkey.
The composition of products imported from Morocco has undergone a notable evolution. Previously dominated by electrical appliances, clothing and fish, the largest share in 2023 and 2024 has shifted to fruits and vegetables. This change is attributed to the rise in prices of these products in Spain, given the drought conditions and rising energy costs.
