Morocco’s imports from Spain show signs of decline

The first quarter of 2024 saw a 6.2% decrease in the value of Spanish exports to Morocco, following a historic record high at the end of 2023, according to the latest official figures from the Spanish Economic and Commercial Office in Rabat (ICEX).

Spanish exports to Morocco, Spain’s eighth-largest customer accounting for 3.2% of its total exports, reached 12.146 billion euros in 2023, a 3% increase from 2022’s 11.758 billion euros.

The latest figures from the ICEX, obtained by Hespress, say that the value of Morocco’s imports from Spain fell by 3.048 billion euros in 2024, a 6.2% decrease compared to the same period last year, when it was 3.250 billion euros.

The Office commented, “this is our third largest market outside Europe, right after the United States and the United Kingdom, and ahead of other countries like China, which receives 2% of Spanish exports.”

Hespress’s analysis of official data shows that “Spanish exports to Morocco performed better than Spain’s total exports, which dropped by 9%. However, they lagged behind Morocco’s total imports, which rose by 3%, resulting in a loss of market share during the three months analyzed by the office.”

ICEX also noted that last year witnessed an increase in the value of Spanish imports from Morocco, reaching 9.032 billion euros, a 4% rise compared to 2022. This made Morocco the 11th largest supplier to Spain, accounting for 2.1% of total imports.

By the end of the first quarter in March 2024, Spanish imports from Morocco had risen to around 2.492 billion euros, marking a 4% positive growth compared to the corresponding period in the previous year.

The Spanish Office also acknowledged that “Morocco’s exports to Spain showed strong performance in the first quarter of 2024,” noting, “they slightly outpaced Morocco’s overall exports (+3%) in a shrinking market, amidst a 7.1% decline in Spanish imports.”

Over the past three years (2021, 2022, and 2023), Spanish exports to Morocco have grown at a faster rate than reverse trade flows reflecting a downward trend in the coverage ratio, reaching 134.5% by the end of 2023.

The coverage ratio, in the first quarter of 2024, dropped again to 122%, down from 134% in the same period of 2023. The Office attributed this to “the decrease in Spanish exports compared to the increase in Moroccan imports.”

Also, the Spanish trade coverage ratio with Morocco followed a downward path from 2018 to 2020. 

In 2020, there was a significant drop to 116%, compared to 122.5% in 2019. This is explained by the fact that Moroccan exports to Spain, especially agricultural exports, were less affected by the COVID-19 pandemic, mentioned in the same source.

Spain has solidified its position as the leading exporter of automotive equipment, parts, and components to Morocco. According to recent data, shipments reached a staggering €574.07 million in the past year, reflecting a robust 14.3% increase compared to the previous year. 

In terms of value, petroleum products (fuel) and lubricants follow next, with sales to Morocco exceeding 349 million euros (down by 26.7%). Textile products came third with 292.06 million euros (down by 17%).

The number of Spanish companies consistently exporting to Morocco during the first quarter of 2024 remained relatively stable, with approximately 4,937 companies, showing a slight decrease of 0.9%. 

In 2023, around 16,718 Spanish companies exported to Morocco, marking a 10.5% decline compared to 2022. Among these, 6,335 companies were classified as regular exporters, constituting 37.9% of the total exporters to Morocco for that year.