Morocco becomes Spain's main African trading partner
- Growth in bilateral trade
- Key sectors
- Spain as a leader in trade relations between the EU and Morocco
- A strategic pillar of growth
- Growing trend and future prospects
With a bilateral trade volume of more than 22.7 billion euros, Morocco has surpassed other key markets such as Turkey and has positioned itself as a strategic partner for the Spanish economy.
But commercial exchange is not only limited to the macroeconomic sphere. In terms of the microeconomy, more than 2.5 million Spanish tourists visited the Alaouite country in 2024, reflecting the sustained nature of relations between the two countries at all levels.
In a context of growing uncertainty, this increase in trade relations between Spain and Morocco, the country's main African partner, represents an example of coordination and cooperation, the model of which is being studied by many countries in the European Union.
Growth in bilateral trade
Trade between Rabat and Madrid has experienced a constant and exponential increase over the last 20 years, according to figures from the Spanish Ministry of Economy, Trade and Business.
In the last financial year alone, Spanish exports to Morocco reached figures in excess of 12,860 million euros, equivalent to 3.34% of the Iberian country's total exports. In contrast, imports from Morocco stood at more than 9,830 million, accounting for 2.32% of total Spanish imports.
This increase has allowed the North African country to become, only behind the United Kingdom and the United States, the third largest non-EU partner for Spain and the seventh best global customer of Spain. Likewise, Morocco has entered the list of Spain's top 10 suppliers, surpassing Turkey, one of the most important historical partners for the European country.
Key sectors
The main characteristic of trade between Morocco and Spain is its variety, ranging from fruit and vegetables to clothing and vehicles.
Among the main products that Spain sells to Morocco are fuels, which account for 18% of total exports; mechanical equipment (12%); vehicles (11%); electrical equipment (9%); and plastics (6%).
On the other hand, Morocco exports products with high added value to Spain, such as electrical equipment, which represents 30% of the total imported by Spain; knitwear (15%); vehicles (12%); fish (9%); and fruit (6%).
The good relations that exist between the two countries have benefited the expansion of exports from key Moroccan sectors such as the automotive industry, the textile industry, the agricultural sector and renewable energies.
Spain as a leader in trade relations between the EU and Morocco
Beyond the national sphere, this increase in the figures for trade between Spain and Morocco has made the Iberian nation Morocco's main partner among the countries of the European Union. With 37% of Moroccan imports from the Union, Spain surpasses France (20%), Germany (10%) and Italy (8%).
Likewise, Spain has also positioned itself as the preferred destination for Moroccan companies within the Union, accounting for 38% of the total, ahead of France (27%) and Italy (9%). This strong position of the commercial alliance between Spain and Morocco is a reflection of the strong bilateral commercial inclusion.
A strategic pillar of growth
But Spanish-Moroccan investment goes beyond trade. Investment by Spanish companies in Morocco has increased considerably. In 2022 alone, the stock of Spanish investments in Morocco reached 1,9 billion euros, directly creating more than 27,600 jobs in sectors such as construction, manufacturing and goods production. Furthermore, these figures have made Morocco the main destination for investment in Africa and 29th globally.
Although at a slower pace than Spain, Moroccan investment in Spain has also increased. With an investment of 152 million euros in 2022 alone and the creation of more than 660 direct jobs, Morocco has become the fifth African country to invest most in Spain and 62nd worldwide.
Growing trend and future prospects
Bilateral trade between Spain and Morocco has been on an upward trend since 2000, except for 2020 and 2021 when the COVID pandemic paralysed economies.
Since then, exports between Spain and Morocco have tripled so far this century, rising from 1.1% in 2000 to more than 3.34% in 2024, while Moroccan imports have risen from 0.57% to 2.32% in the same period, representing annual growth of 0.2%.
According to the Spanish Ministry of Economy, the outlook is that growth will maintain these trends for at least the next five years until the 2030 World Cup, when they expect these figures to skyrocket and mark the best years in terms of trade between Madrid and Rabat.
