The volume of trade between Morocco and Spain grew strongly in the first ten months of 2024, according to the Spanish State Secretariat for Trade.
Between January and October 2024, Spanish exports to Morocco reached €10.843 billion, up 6.8%, while Moroccan exports to Spain totalled €8.220 billion, up 9.1%, according to the same source.
This increase in trade, significantly higher than that recorded by Spain with other countries around the world during the same period, is proof of the “consistent trade links” between Morocco and Spain, and of the “excellent relations” between the two Kingdoms, the State Secretariat for Trade stressed.
If the current momentum is maintained, the previous record set in 2023, with exports reaching €12.145 billion and imports amounting to €9.032, “should be more than beaten” in 2024, reaching “an all-time high,” it added.
The Spanish Department of Trade also noted that Morocco has become the leading destination for Spanish exports in Africa and the seventh largest worldwide, pointing out that Spanish exports to Morocco accounted for 3.37% of the world total.
Moroccan imports from Spain rank first in Africa and tenth worldwide, the Secretariat added.
Over the past three years, trade between Spain and Morocco has reached its peak, with the weight of trade with Rabat increasing exponentially, the same source noted.
In 2022, Spanish exports to Morocco accounted for 3% of the country’s total exports, a figure that rose to 3.2% in 2023, and should reach 3.4% in 2024.
Imports rose from 1.9% in 2022 to 2.1% in 2023, reaching 2.3% of total trade in the first ten months of 2024.
The State Secretariat for Trade points out that Spanish exports to Morocco are relatively diversified, the main categories being fuels and lubricants (20%), mechanical machinery (12%) and vehicles (9%).
Spanish imports from Morocco consist mainly of electrical equipment (30%), non-knitted clothing (14%), vehicles (12%), fish (10%) and fruit (6%).
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