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For the fourth consecutive year, Morocco is poised to set a new record in foreign trade with Spain, underscoring the robust ties between the governments of the two nations.
According to official Spanish data, Spain's exports to Morocco during the first ten months of 2024 reached €10.843 billion, while imports from Morocco totaled €8.220 billion. This marks an annual growth of 6.8% in exports and 9.1% in imports.
These figures significantly outshine the overall performance of Spanish foreign trade during the same period, where exports grew by a mere 0.7% and imports declined by 0.4%. Analysts predict that the economic downturn in countries such as France and Germany will result in negative export figures by year-end, yet this is not expected to impact economic relations with Morocco.
Despite the absence of data for the last two months of 2024, the trade figures between Morocco and Spain have already surpassed those recorded in 2021. If the current trend continues, it is anticipated that the records set in 2023 will be significantly exceeded, with exports projected to reach €12.145 billion and imports €9.032 billion.
The Spanish government's policy shift in March 2022 regarding the Western Sahara issue, supporting Morocco's autonomy proposal, has played a pivotal role in enhancing bilateral relations, marking a «new phase» between the two countries.
Based on the latest data, Morocco has become the second-largest destination for Spanish exports outside the EU, following the United States and surpassing China. It also ranks third as Spain's primary supplier outside the EU, after the US and China, ahead of countries like Brazil and Turkey.
The composition of products imported from Morocco has undergone a notable transformation. Previously dominated by electrical appliances, clothing, and fish, the largest share in 2023 and 2024 has shifted to fruits and vegetables. This change is attributed to the higher prices of these products in Spain, driven by drought conditions and rising energy costs.
