Europe continued to dominate Morocco’s trade landscape in 2023, accounting for 63.2% of the country’s total merchandise transactions, up from 58.8% in 2022, according to the Office des Changes.
Trade with Europe is projected to reach 724.8 billion dirhams ($74.5 billion) this year, a 5.7% increase from 685.8 billion dirhams ($71.6 billion) in 2022. The primary European trading partners for Morocco are Spain (28.9%), France (22.5%), Italy (7.8%), Germany (7.4%), and Turkey (6.7%). The Office des Changes notes that 86.5% of this European trade is with European Union countries.
Conversely, Morocco’s trade with Asia has decreased by 15.8% in 2023, with the region’s share of total trade dropping from 22.1% in 2022 to 18.9% this year. This decline is primarily due to reduced trade with Saudi Arabia (-49.1%) and India (-33.7%). However, China remains Morocco’s leading Asian partner, with a 36.7% share of Asian trade, representing a 30% increase from 2022.
Trade with the Americas is expected to fall by 6.7% in 2023. This decrease is largely attributed to reduced trade with Argentina (-45.7%) and Trinidad and Tobago (-57.6%). Trade with Africa also declined, from 64.4 million dirhams to 52.7 million dirhams. Egypt continued to be Morocco’s top African trading partner for the fifth consecutive year, followed by Djibouti, which was Morocco’s third most important partner the previous year.
Trade with Oceania remains minimal, constituting just 0.3% of total trade. Despite a 564 million dirhams increase in trade with Australia, this was offset by a 426 million dirhams decline in trade with New Zealand.
The figures underscore Europe’s continued significance as Morocco’s primary trading partner and highlight shifting dynamics in global trade relations.
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