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Rabat – Trade between Morocco and Israel saw an increase of 1% in the first half of 2022 compared to the same period last year.
New data from the Abraham Accords Peace Institute show that trade between the two countries reached $63.9 million in the first half of 2022.
The data also shows, however, that trade between the two countries has experienced a sharp decrease compared to the past year, moving from $29.3 million in June 2021 to $12 million in June this year.
The figures indicated in the report show that the two countries need to work more on trade cooperation to achieve their objectives as announced in the aftermath of the reestablishment of diplomatic ties in December 2020.
In February, Israeli Minister of Economy Orna Barbivai said that Israel aims to increase the volume of bilateral trade with Morocco to reach $500 or more.
“The two countries have many opportunities to share in order to reach this level quickly,” she said.
By contrast, trade between Israel and the UAE reached $1.03 billion in June, representing a 97% increase in trade from June 2021, showed data compiled by the Abraham Accords institute and the Israel Central Bureau of Statistics.
“For the first half of 2022, bilateral trade reached $3.99 billion” between Israel and the UAE, the bureau said; the number represents a 119% increase from the same period last year.
Read Also: Israel Signs Agreement to Build Embassy in Morocco
Meanwhile, trade between Israel and Bahrain also increased to $2.8 million in June, up from $0 in June 2021.
“For the first half of 2022, bilateral trade reached $15.5 million, up from 0 in the first half of 2021,” according to the new data.
The statistics also showed significant increases in Israel-Egypt and Israel-Jordan trade activities.
Trade between Israel and Egypt increased to $88.5 million in June. Trade with Jordan also reached $151.6 million in June 2022.
