Morocco will surpass its foreign trade record with Spain for the fourth consecutive year, the best sign that relations between the two governments are going through a great moment.
Figures from the Secretary of State for Commerce of Spain analyzed by the Spanish media The Objective indicate that during the first ten months of 2024, exports from Madrid to Rabat reached 10.843 billion euros and imports reached 8.220 billion, which represents the highest figure for this period, i.e. year-on-year growth of 6.8% for Spanish exports to Morocco and 9.1% for those from Morocco to the country Iberian.
“These figures far exceed the overall performance of Spanish foreign trade for this same period. Between January and October 2024, exports increased by only 0.7% and imports decreased by 0.4%. In fact, Analysts’ forecasts warn that the collapse of economies like France and Germany could lead us to close with negative figures in terms of shipments. Something that will not affect economic relations with Morocco. specifies the media.
Thus, Morocco is the second destination for Spanish exports outside the European Union after the United States – even surpassing China – and the third supplier outside the EU, after the United States and China, but also above Spain’s historic partners such as Brazil or Turkey.
A new dynamic is emerging for the Kingdom’s exports to Madrid. Indeed, in 2023 and 2024, fruits and vegetables represented the bulk of Moroccan exports to Spain, mainly due to high prices in Spain, driven by the drought which affected the country and the increase in the cost of energy. Historically, Madrid imported from Rabat electrical appliances and materials, fish, crustaceans and molluscs, cars and clothing knitted in Rabat, but the new reality has changed this trend towards vegetables.
At the end of October 2024, the main Spanish imports from Morocco included products such as insulated cables (166 million euros), molluscs (85.8 million), motor vehicles; parts and accessories (45.1 million), non-woven women’s textile (38.1 million) and fruits (44.1 million). That same month, the main Spanish exports to Rabat were refined petroleum (95.8 million), engines (85.8 million), motor vehicles, parts and related accessories (67.4 million), oil soy (47.3 million) and plastic caps (27.8 million).
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