UK-Morocco trade reaches £3.8 Billion, showing 10.9% growth

Trade between the United Kingdom and Morocco hit £3.8 billion (MAD 48.5 billion) in the four quarters ending Q2 2024, marking a significant increase of 10.9% from the previous year, the UK Department for Business and Trade reported in its latest factsheet.

The Office for National Statistics (ONS) data shows that while UK exports to Morocco decreased by 4.1% to £1.4 billion (MAD 17.9 billion), imports from Morocco surged by 22% to £2.4 billion (MAD 30.6 billion) during this period. The trade balance resulted in a £1 billion (MAD 12.8 billion) deficit for the UK.

His Majesty's Revenue and Customs (HMRC) figures reveal that goods dominated the trading relationship, accounting for 69.1% of UK exports and 62.9% of imports. Key UK exports to Morocco included refined oil (£310.8 million / MAD 3.98 billion), cars (£94.9 million / MAD 1.21 billion), and metal ores (£73.3 million / MAD 938.2 million). Meanwhile, Morocco's main exports to the UK were vegetables and fruit (£502.7 million / MAD 6.43 billion), electrical goods (£374.9 million / MAD 4.79 billion), and cars (£164.5 million / MAD 2.1 billion).

The ONS data indicates significant services sector growth, with UK services imports from Morocco increasing by 32.4% to £903 million (MAD 11.55 billion). Travel services dominated this category, representing 83.5% of Morocco's services exports to the UK.

The British government statistics demonstrate Morocco's growing importance as a trading partner, ranking as the UK's 52nd largest trading partner globally. The relationship continues to evolve, with bilateral trade showing consistent growth from £2.1 billion (MAD 26.9 billion) in 2021 to £3.3 billion (MAD 42.3 billion) in 2022, and reaching £3.7 billion (MAD 47.2 billion) in 2023.