Spain is popular with Morocco. This is what the daily says The Economist in its special Eid Al-Adha edition, specifying that in 2023, Madrid has consolidated its position as the main supplier of goods and services to Morocco, with a market share of 15.7%, and as the first commercial customer , receiving 22.5% of Moroccan exports.
“Over the previous year, Spanish exports to Morocco reached a historic high of 12.146 billion euros, marking an increase of 3% compared to 2022. This increase positions Morocco as Spain’s 8th customer , absorbing 3.2% of total Spanish exports, making it the third most important non-European market for Spain, after the United States and the United Kingdom”, we read.
However, the first quarter of 2024 shows an opposite trend with a 6.2% drop in Spanish exports to Morocco, from 3.250 billion euros to 3.048 billion euros. This decline comes against a backdrop where overall Spanish exports fell by 9%, although total Moroccan imports increased by 3%.
“Furthermore, Spanish imports from Morocco continued to grow, reaching 9.032 billion euros in 2023, an increase of 4% compared to 2022. For the first quarter of 2024, they increased again by 4%, reaching 2.492 billion euros. Despite the economic ups and downs, these figures show that Moroccan products, notably clothing, fresh fruit, and automobiles, are increasingly finding their place on the Spanish market.», adds The Economist.
Also, the sectoral analysis of bilateral trade reveals significant variations. Spanish exports of automotive components to Morocco increased by 14.3%, while those of fuels and lubricants fell by 26.7%. On the other hand, Spanish imports of Moroccan clothing increased by 9.7% and those of fresh fruit by 19%. The evolution of bilateral trade between Morocco and Spain in the first quarter of 2024 highlights the crucial need to diversify exports.
Dependence on a few sectors can make the economy vulnerable to fluctuations in the overall market. For example, although Spanish automotive components saw a notable increase of 14.3%, exports of fuels and lubricants fell by 26.7%. This shows that relying on a small number of products can expose both economies to significant risks in the event of disruptions in these specific sectors.
“On the other hand, regarding the 19% increase in Moroccan exports of fresh fruits to Spain and 22.9% of fresh vegetables shows untapped potential in the agricultural sector. By focusing on diversification, Morocco could not only stabilize its export revenues but also stimulate innovation and economic growth in various sectors», notes the daily.
