Commercial relations between Morocco and Spain show strong growth dynamics, according to data published by the Spanish State Secretariat for Commerce. During the first ten months of 2024, bilateral trade recorded significant increases, consolidating economic ties between the two Kingdoms.
Between January and October 2024, Spanish exports to Morocco totaled 10.843 billion euros, an increase of 6.8% compared to the same period in 2023. For their part, Moroccan exports to Spain increased amounted to 8.220 billion euros, recording a notable increase of 9.1%.
Dynamics above the world average
Compared to other trade partners of Spain, trade with Morocco stands out for its more marked progression. This trend, described as “historic” by the Spanish State Secretariat for Commerce, reflects the excellence of bilateral relations between the two countries.
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Morocco remains Spain’s leading trading partner in Africa and is positioned as its seventh market globally, notes the Spanish Department of Commerce. Spanish exports to Morocco represented 3.37% of the country’s total global exports during the first ten months of 2024, compared to 3.2% in 2023.
On the import side, Morocco also occupies a special place. Indeed, Moroccan imports from Spain represented 2.3% of total Spanish imports over the same period, a constant increase compared to 2022 (1.9%) and 2023 (2.1%).
Diversification of trade
Trade between the two countries is marked by a notable diversification of the products exchanged. On the Spanish side, the main exports to Morocco include fuels and lubricants (20%), mechanical machines (12%) and vehicles (9%). This diversity underlines the economic complementarity between the two nations.
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In return, Spanish imports from Morocco are dominated by electrical equipment (30%), non-knitted clothing (14%), vehicles (12%), as well as food products such as fish (10%) and fruit (6%).
Records in perspective
The Spanish Secretariat of State predicts that if the current trend continues, trade will reach a record level in 2024. In 2023, Spanish exports to Morocco had reached 12.145 billion euros, while imports from Morocco amounted to 9.032 billion euros. The figures for 2024 should far exceed these thresholds, consolidating the position of the two countries as privileged partners.
A strategic relationship for the future
The last three years have been particularly significant for Moroccan-Spanish economic relations, with an exponential increase in trade volumes. This growth is part of a bilateral strategy aimed at strengthening economic ties and responding to the challenges of global trade.
Morocco and Spain thus demonstrate that their economies are intrinsically linked, with as yet untapped growth potential. The current results confirm the strategic importance of this relationship for the two Kingdoms, and augur an even more fruitful collaboration in the future.
