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Rabat – Morocco’s trade surplus with France reached MAD 2.5 billion ($258.129 million) in 2022, according to data from Morocco’s Office of Foreign Exchange.
The data explained that the surplus went down by MAD 9.2 billion ($949.91 million) compared to to 2021, without providing further details on the factors that led to the new development. This means that trade surplus dropped by 75% compared to a year earlier.
But the data clarified that Morocco has maintained a consistent surplus with France since 2017, meaning that the value of Morocco’s exports to the European country has been higher than its imports from the same market.
The report does not mention whether this development in the surprise decrease is attributed to the ongoing political crisis between Rabat and Paris.
The two countries continue to navigate a deep-seated diplomatic crisis, with many attributing the situation to France’s ambiguous position with regards to Morocco’s sovereignty over its southern provinces as well as to hostile consular decisions related to systematic rejections against Moroccan visa applicants.
Meanwhile, the Exchange Office reported on trade deficits vis-a-vis some trade partners, including its top trading partner Spain.
According to the Office, Morocco’s imports from Spain exceeded its exports to the European country, with a trade deficit with the country increasing from MAD 7.8 billion ($805.36 million) to MAD 19.9 billion ($2 billion) last year.
The statistics also reported on a trade deficit with China, which reached MAD 70.6 billion ($7.2 billion) compared to MAD 57.7 billion ($5.9 billion) in 2021.
Trade deficit with the US also widened to MAD 40.4 billion ($4.17 billion) last year, as well as with Saudi Arabia with whom trade deficit remained in deficit widening to MAD 31 billion ($3.2 billion).
