Miami - Morocco’s global economy reports related to exports and imports for 2014 have been released in comparison to 2013 and the figures show upward trends as well as a few downward trends among the Kingdom’s trading nations.
Miami – Morocco’s global economy reports related to exports and imports for 2014 have been released in comparison to 2013 and the figures show upward trends as well as a few downward trends among the Kingdom’s trading nations.
Morocco’s Trade with Africa
Beginning with Morocco’s overall trade with Africa, both exports and imports show an upward trend for the fourth consecutive year. At the end of 2014, Moroccan exports to Africa totaled 17.28 billion dirhams, when the value of the imported goods in the area exceeded 20.25 billion dirhams. Although there was preliminary trade deficit of 2.97 billion dirhams, 457 million dirhams less than the 3.43 billion dirhams recorded in 2013.
As far as with the rest of the AMU countries (Algeria, Mauritania, Tunisia Libya), Morocco’s exports in 2014 only reached 4.53 billion dirhams, in comparison to imports from these countries which totaled 13.08 billion dirhams, according to the quarterly bulletin by Bank Al Maghrib. Altogether in 2014, the AMU nations contributed a surplus of 5.56 billion dirhams to the Kingdom, against the surplus of 4.94 billion dirhams in 2013.
Individually, trade with Algeria was worth 11.16 billion dirhams in imports and 1.70 billion dirhams in exports. Tunisia’s trade with Morocco continues to struggle, totaling a mere 885 million dirhams in Moroccan exports, and 1.73 billion dirhams in Tunisian imports. Libya’s figures in 2014 were even lower with 306 million dirhams in Moroccan exports and 185 million dirhams in Libyan imports.
Morocco’s trade to other African countries reported a total of 12.75 billion dirhams in exports with 9.05 billion dirhams in imports.
Morocco’s Trade with Asia and India’s upward export trend
The trading gap between Morocco and Asian countries continues to widen.Trade reports for Asia showed a negative balance of 23.85 billion dirhams resulting from the 42.80 billion dirhams in imports to the 18.93 billion dirhams in exports.
China wins the spotlight in 2014 with 29.50 billion dirhams in Chinese imports, where Morocco’s exports into China did not exceed 2.27 billion dirhams.
The Kingdom’s trade with India revealed an upward export trend, although India regards itself as the second Asian country from where Morocco imports the most. Yet, figures in 2014 showed a total of 4.25 billion dirhams in imports, a decrease of 1 billion dirhams compared to the volume imported in 2013. On the other hand, Morocco’s exports to India showed an increase of 831 million dirhams, rising from 6.43 billion in 2013 to 7.27 billion in 2014.
Morocco’s Trade with the Middle East
In 2014, the Kingdom observed a trade deficit of 34.59 billion dirhams with countries in the Middle East. Exports were only worth 4.42 billion dirhams against Middle Eastern imports totaling 39.01 billion dirhams.
Morocco’s Trade with Europe (EU)
Unquestionably, Europe remains Morocco’s top trading partner. Imports of goods in 2014 reached a massive 386.118 billion dirhams, where Europe capitalized a total of 236.778 billion dirhams. In addition, Moroccan exports to Europe increased by 12.62 billion during the year, in order to reach a total of 135.18 billion dirhams by the end of 2014.
Notably, European nations benefit from trade whether in imports totaling 195.755 billion dirhams or exports worth 126.5 billion dirhams. Spain came out on top importing to Morocco 51.673 billion dirhams in goods, where Morocco exported almost 44 billion dirhams into the Iberian nation.
France ranked second in 2014. French goods into Morocco were valued at 51.30 billion dirhams and Moroccan exports into France were worth 41.1 billion dirhams.
Morocco’s Trade with American Countries
The Kingdom’s trading market with the Americas suffers a downward trend. Figures reported a negative balance of 24.70 billion dirhams, resulting from American imports worth 44.32 billion against Moroccan exports worth 19.61 billion dirhams.
More in detail, Morocco imported nearly 27 billion dirhams in goods from the United States, and only 2.90 billion dirhams in Canadian goods. Moroccan exports to the US only reached 7.1 billion dirhams and 1.77 billion dirhams into Canada.