Doha – Morocco has emerged as Spain’s leading African trading partner, achieving record-breaking bilateral trade volumes in 2024, according to recent data from the Spanish Ministry of Economy, Trade and Enterprise.
The trade relationship has reached historic levels, with exchanges surpassing €22.7 billion. Spanish exports to Morocco reached €12.86 billion in 2024, representing 3.34% of Spain’s global exports.
This positions Morocco as Spain’s seventh-largest global client and third-largest non-EU customer, following only the United Kingdom and the United States. Morocco has surpassed both Belgium and the Netherlands in Spain’s global trading rankings.
Spanish exports to Morocco demonstrate considerable diversification across sectors, with fuels leading at 18% of total exports, followed by mechanical equipment at 12%, vehicles at 11%, electrical equipment at 9%, and plastics representing 6% of the export volume.
Moroccan exports to Spain reached €9.83 billion in 2024, accounting for 2.32% of Spain’s global imports. This performance establishes Morocco as Spain’s tenth-largest global supplier and fourth-largest non-EU provider, after China, the United States, and the United Kingdom.
Morocco has overtaken Turkey in Spain’s supplier rankings. The composition of Moroccan exports to Spain shows a concentration in electrical equipment, which represents 30% of exports, followed by non-knitted clothing at 15%, vehicles at 12%, fish at 9%, and fruits at 6%.
Spain maintains a dominant position in EU-Morocco trade relations, accounting for 37% of Morocco’s imports from the EU, ahead of France at 20%, Germany at 10%, and Italy at 8%.
Read also: Spanish Remittances to Morocco Double, Now Second Highest
Spain is also the primary destination for Moroccan exports to the EU, absorbing 38% of Morocco’s EU-bound exports, followed by France at 27% and Italy at 9%.
Within the African context, Morocco represents 61% of Spain’s exports to the continent and 79% of Spain’s exports to North Africa. Morocco also accounts for 28% of Spain’s African imports, leading ahead of Algeria at 18% and Nigeria at 16%.
The investment landscape between the two countries reflects a strong foothold for Spanish investors in Morocco, with total investment stock reaching €1.905 billion as of 2022, generating 27,655 direct jobs.
These investments span across various sectors including insurance, construction, non-metallic products manufacturing, paper, and beverages. Morocco ranks as Spain’s 29th global investment destination and holds the position of first investment destination in Africa.
Moroccan investments in Spain, while more modest, amount to €152 million as of 2022, creating 667 direct jobs.
These investments are primarily concentrated in financial services, commerce, and real estate sectors. Morocco currently stands as Spain’s 62nd global investor and fifth African investor.
The bilateral trade relationship has flourished relentlessly over the past decades, with Spanish exports to Morocco increasing from 1.1% in 2000 to 3.34% in 2024, while imports from Morocco have grown from 0.57% to 2.32% during the same period.
