Morocco’s foreign trade remains heavily oriented toward Europe, which accounted for 62% of the country’s total trade in 2024, a slight decline from 63.2% in the previous year, according to the Foreign Exchange Office’s newly released annual report on Morocco’s foreign commerce.
Europe continues to dominate both sides of Morocco’s trade balance, representing 56.4% of total imports and absorbing 71.4% of Moroccan exports. Trade volume with Europe rose by 4.1% year-on-year, reaching 754.9 billion dirhams (MAD), with a significant 86.6% of this total conducted with European Union (EU) member states.
Spain remained Morocco’s leading European trading partner, accounting for 29.1% of bilateral trade with Europe, followed by France (21%), Germany (8.4%), Italy (7.7%), and Turkey (6.7%).
Trade relations with Asia showed renewed dynamism, recording a notable 12.7% increase in 2024 after a 15.8% contraction in 2023. The region’s share of Morocco’s global trade rose from 18.9% in 2023 to 20.1% in 2024. This expansion was largely driven by sustained growth in trade with China, Morocco’s top Asian partner, which saw its trade volume increase for the 13th consecutive year, up 18.4% in 2024. Kazakhstan and India also contributed to the upward trend, with respective gains of MAD 4.6 billion and MAD 3 billion.
Trade with the Americas rebounded with a 6.1% increase in 2024, reversing the downturn observed in 2023. This improvement was primarily fueled by a 15.8% rise in trade with the United States. However, the regional growth was partially offset by steep declines in trade with Colombia (-77.2%) and Trinidad and Tobago (-42.9%).
African trade ties also strengthened, with a 6.3% increase in 2024. Egypt remained Morocco’s top African trading partner for the sixth consecutive year, driving growth with a sharp 34.7% rise in bilateral trade.
While trade with Oceania remains marginal, representing just 0.5% of Morocco’s total trade volume, it posted a strong performance in 2024 with a 48.1% surge, following a 17.7% increase the year before. The expansion was mainly due to a MAD 2.2 billion increase in trade with Australia, though it was somewhat tempered by a MAD 400 million decline in trade with New Zealand.
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