Morocco-Spain trade relations reach record €22.7 billion

Morocco has surpassed Turkey in bilateral trade with Spain, as trade volume has exceeded 22.7 billion euros. This positions Morocco as Spain’s third largest non-EU partner, demonstrating a clear model of cooperation between the two countries.

According to Atalayar, Spanish exports to Morocco are at 12.86 billion euros and represent 3.34% of Spain’s total exports, revealing the key bilateral nature of the partnership.

This is not just a trend for one side as significant growth has occurred on Morocco’s side as well, with 2.3% of Spanish imports coming from Morocco.

This economic alliance creates mutual benefits, allowing both countries to grow together. Since 2000, the growth in this partnership has been consistent outside of the COVID years.

The products that support this partnership and growth include fuel, mechanical equipment, and vehicles transported from Spain to Morocco. Meanwhile, Morocco’s exports to Spain focus on electrical equipment, knitwear, and vehicles. Notably, vehicle trade is a sector in which both sides are involved.

This diversity in trade offers a give and take for the cooperation, allowing Spain to gain their needs from Morocco and Morocco from Spain.

Trade is not the only area in which the two have become joined. Investment has seen Spain have a major impact on Morocco’s economy. Spain has a current investment stock of 1.9 billion euros in Morocco.

This has been estimated to have created 27,600 direct jobs in Morocco, making Morocco Spain’s main investment destination in Africa.

Morocco has also made its investments with 152 million euros in Spain, creating an estimated 660 jobs.

This partnership creates a powerful connection for the two countries which can use each other’s economies to prop up their own. It cements Spain as the key EU country in trade with Morocco at 37% of Morocco’s EU imports.

This comes at the perfect time, as the upcoming 2030 World Cup will likely accelerate growth in Morocco and Spain, leading to trade and investment exchanges that are set to flourish in the future.

Atalayar