Despite the decrease in trade exchanges, Morocco maintains its leading position as a major partner for the EU.
Rabat – The European Union delegation in Rabat has announced that trade exchange between Morocco and the EU amounted to €35 billion during 2020.
The number shows a notable decrease compared to the last three years due to COVID-19 crisis, the EU office in Rabat announced on Wednesday.
The EU delegation presented data on EU-Morocco trade during a press conference with the presence of Ambassador of the European Union in Morocco Claudia Wiedey.
The press event took place on Wednesday.
The data shows that the trade exchange figure consists of €15 billion of Moroccan exports to the European Union and €20 billion of EU exports to Morocco.
Trade between the two parties accounts for more than 60% of Morocco’s foreign exchange.
The EU statistics say that the value of trade exchange in the agricultural field amounted to approximately €4.6 billion in 2020.
The number represents 13% of the total commodity exchanges between the EU and Morocco.
Agricultural exchanges between the two parties maintained their growth despite COVID-19 crisis.
The pandemic affected global trade during 2020 significantly.
Moroccan exports to the EU have more than doubled over the last eight years, reaching €2.5 billion in 2020 since the agricultural agreement’s entry into force in 2012.
Morocco’s EU agriculture imports reached €2.2 billion, representing 11% of Morocco’s total imports from the EU.
The trade of converted agricultural products represents 9% of bilateral agricultural trade. The products represent 16% of imports from the European Union and 3% of Moroccan exports to the EU.
The data shows Morocco as the EU’s first trade partner in the southern Mediterranean region.