Europe Leads Morocco's Trade Despite Slight Drop in 2024
European partners accounted for 62% of Morocco's total trade, the data from the Exchange Office said this month, confirming a modest decrease from 63.2% in 2023.
According to the report, about 56.4% of Morocco's imports originated from Europe, while 71.4% of Moroccan exports went to the EU
Trade with Europe increased by 4.1% in 2024, reaching MAD 754.9 billion compared to MAD 724.8 billion the previous year.
'A significant 86.6% of this trade was conducted with European Union countries,' the report said, ranking Spain as Morocco's top European trade partner, followed by France, Germany, Italy, and Turkey.
The same report shed light on a 12.7% increase in trade between Morocco and Asian countries, after a decline of 15.8% in 2023.
'Its share in Morocco's total trade increased … from 18.9% in 2023 to 20.1% in 2024,' the report said, attributing the situation to growing trade with China.
China tops the list of leading Asian partners to Morocco for the 13th consecutive year.
Kazakhstan and India also contributed to the increase, the report explained.
Increased trade with the US also contributed to trade momentum with the Americas, with which commercial exchanges grew by 6.1%
Trade between Morocco and the US increased by 15.8%, according to the report.
As for Africa, Moroccan trade with other African countries also rose by 6.3% this last year, following a sharp drop of -18.1% in 2023/
'This increase was largely due to trade with Egypt,' the report said, defining Cairo as Morocco's top African trade partner for the sixth consecutive year.
With Oceania, trade remains limited, but improved with a 48.1% increase in 2024, the report said, attributing the growth to increased trade with Australia.
Overall, Morocco's trade with the world recorded an increase of 6.3%, compared to a 1.7% decline last year.
Imports increased by 6.4% reaching MAD 761.3 billion last year, up from MAD 715.8 billion a year earlier, while exports amounted to MAD 456.3 billion in 2024- marking a 6.1% rise compared to 2023.
'As a result, the trade deficit worsened by 6.8%, standing at MAD-304.9 billion in 2024 compared to MAD-285.6 billion the year before,' the report said. Tags: EU and MoroccoEU and Morocco fisheries agreement
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