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Home » Economy » Spain Continues to be Morocco’s Main Economic Partner

Spain Continues to be Morocco’s Main Economic Partner

mwnbymwn
Feb, 25, 2018
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Morocco’s Trade Deficit Increases by 7.7%

Morocco’s Trade Deficit Increases by 7.7%

Rabat – Spain remains Morocco’s main trade customer in terms of exports, which increased by 11.2 percent over the past year, according to data released by the European Statistical Office, 

Spain has been a primary export destination and an importer of Moroccan goods since 2012. During 2017, the main exported products were electrical materials (29.3 percent), clothes (23.1 percent), and mollusks and crustaceans, representing 8.1 percent of exports to Spain.

Two-Way Trade

Morocco’s primary export customer is Spain. 41 percent of Spain’s total imports come from the Kingdom, France was second with 29.6 percent, Italy with 6.7 percent and the United Kingdom with 5 percent.

Meanwhile, Moroccan imports from Spain include fuel and lubricants (13.9 percent), auto parts (13.3 percent) and clothing fabrics (9.9 percent).

Spain is Morocco’s main import source nation, accounting for 35 percent of all EU exports to the Kingdom. France is second at 19.1 percent, Germany 9.3 percent, and Italy at 8.4 percent.

According to the same statistics, Morocco’s trade with the EU rose by 9.5 percent and Morocco’s imports rose by 7 percent over the past year.

According to figures from the European Bureau of Statistics, trade between the two countries over the past six years has increased significantly, doubling their bilateral trade flows, which exceeded 14 billion euros last year.

According to previous official figures of the Ministry of Economy and Finance, Moroccan exports to the EU represent 0.65 percent of the total trade with nations outside the European Union.

Tags: 2017 Jeddah International Trade FairAlgerian trade ministerCooperation in Trade
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