Trading volumes between Morocco and Spain surged in 2021 to reach a record high, after fears that a diplomatic row between the two countries would impact economic exchange.
According to data published by the Economic and Commercial Office of the Embassy of Spain in Rabat, trade exchanges between the two countries amounted to about 16.8 billion euros during the past year.
By the end of 2021, Morocco recorded a trade deficit with Spain of about 2.2 billion euros, whereas Spanish exports to Morocco increased by 29.2 percent, after moving from 7.3 billion euros in 2020 to 9.5 billion euros in 2021.
The rate of Spanish exports to Morocco from 2016 to 2019 ranged between 7 billion euros and 8.4 billion euros, before considerably considering.
Madrid’s exports to Morocco represent only 3 percent of its exports to the world – but it constitutes half of its total exports to the African continent.
Madrid’s exports to Rabat include fuel, oils, machinery, and mechanical devices, in addition to cars, tractors, and electrical materials.
Likewise, Morocco’s exports to Spain grew during the past year by about 14.6 percent, from 6.3 billion euros in 2020 to 7.3 billion euros in 2021.
Morocco exports to Spain electrical appliances, equipment, clothing, fish, cars, and fruits, in addition to canned food.
Trade exchanges between the two countries witnessed a boom in the past two decades, moving from 22.3 billion dirhams in 2000 to 56.9 billion dirhams in 2010. The volume jumped to 132.7 billion dirhams in 2017, and 144 billion dirhams in 2020.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.