Rabat – Brazil has become Morocco’s third largest trading partner, with Moroccan exports to the South American country growing by 23.18% in the past year. This means that, as the two countries expand their “multi-level ties,” only France and Spain now rank ahead of Brazil in terms of commercial relations with Morocco.
In the first quarter of 2021, Moroccan exports to Brazil reached more than $251.88 million (MAD 2.3 billion), while Moroccan imports from Latin America’s biggest economy reached $141.74 million (MAD 1.3 billion), according to Moroccan state media.
Morocco’s trade surplus with Brazil reached $110.13 million (MAD 985.2 million) in the first quarter of 2021. Compared to the first three months of 2020, which were marked by a trade surplus of $72.2 million (MAD 645.9 million) in Morocco’s favour, the North Afican country saw a 52.56% growth.
Trade between the two countries has experienced growth in all aspects, as the first quarter of 2020 saw Morocco export $204.49 million (MAD 1.8 billion) worth of goods, while imports amounted to $132.29 million (MAD 1.2 billion). Morocco experienced a growth of 23.17% in exports, and a growth of 7.14% in imports, compared to the same period last year.
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According to data compiled by the Arab-Brazilian Chamber of Commerce in January 2021, Morocco was the country with the highest export growth when compared to figures from January 2020.
The North African country experienced a net exports growth of 95.5% within a year; it also became the biggest Arab exporter to Brazil in the same period.
Meanwhile, “the Arab bloc [was] the 3rd largest destination of sales from Brazil, only behind China and the United States.,” according to the Arab-Brazilian Chamber of Commerce
Compared to the October-December quarter, Moroccan exports fell by 24.68%, which can be attributed to Brazil’s economic recession, triggered by restrictive measures imposed in the wake of a new wave of COVID-19.
A new variant of COVID-19 emerged in Brazil in early December 2020, causing a massive resurgence in infections across Manaus, a Brazilian city of 2 million people.
By March of this year, the Latin American country recorded almost 58,000 deaths. In 2020, Brazil’s gross domestic product shrunk 4.1%, which is the country’s biggest annual recession since at least 1996.