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Rabat – Trade between Morocco and Israel has surged by 64% in the first five months of 2024, showcasing significant growth despite citizens’ appeal and demands calling on the Moroccan government to end diplomatic ties with Tel Aviv amid the devastating war in Gaza.
As of May, bilateral trade reached an unprecedented value of $8.5 million, reflecting a staggering 124% increase from the same period last year, new data from the Abraham Accords institute shows.
Overall, trade exchanges between the two nations totaled $53.2 million from January to May 2024, underscoring the robust and expanding economic ties.
The institute’s recent report highlights this progress, contrasting it with more volatile trade patterns seen with other regional partners, including the United Arab Emirates, Jordan, Egypt, and Qatar.
Israeli exports to Morocco jumped by 128% last year, while Tel Aviv also experienced a 5.2% rise in exports to the UAE, amounting to $650 million.
Trade cooperation between Israel and Arab countries has weathered significant challenges, particularly following Israel’s merciless campaign targeting civilians in Gaza since October 7.
The situation initially caused a 61% drop in exchanges between Israel and Morocco compared to the previous year.
However, a swift recovery followed, with trade exchanges reaching $94 million by late 2023, marking a 112% increase over the same period in 2022.
Since the signing of the Abraham Accords in December 2020, economic cooperation has flourished, bolstered by numerous agreements aimed at enhancing trade and investment.
Regular business visits and trade missions have facilitated deeper economic ties and explored new investment opportunities.
However, tens of thousands citizens have been calling on the government to review and sever diplomatic ties with Israel amid the situation in Gaza.
Morocco also has been home to many protests against the Israeli merciless campaign in the besieged enclave.
