Morocco consolidates its position as Africa's leading trader
The growing increase in trade in the Mediterranean coupled with the commercial crisis deriving from the tensions between the United States and China has positioned the Moroccan ports among the commercial hubs with the greatest projection. This was confirmed by Allianz Trade in their report ‘Global Trade Outlook 2024’, which places Morocco as the leading commercial power on the African continent.
The results come from the analysis of the new geopolitical context that has emerged as a result of the conflicts in the Middle East, which affect the Strait of Hormuz; the conflicts between Russia and Ukraine, which affect trade in the Black Sea; and the economic struggles between the United States and China, which affect global trade.
In addition to highlighting Morocco's trade, the report highlights the growth and development of other regions such as Southeast Asia and Latin America. In particular, they underline the importance of its large trade flows thanks to its strategic position.
Next Generation Centres
The study identifies the 25 new ‘Next Generation Shopping Centres’ that will play a new role in international trade. The ranking highlights the presence of Southeast Asia with countries such as Malaysia (2nd), Vietnam (3rd), Indonesia (5th), Philippines (11th), Bangladesh (12th), India (14th) and Thailand (16th); and Latin America with Chile (8th), Peru (9th), Colombia (13th), Mexico (17th) and Brazil (19th).
Other regions represented were Eastern Europe with Romania (6th), Hungary (7th), Poland (10th) and Kazakhstan (18th); and the Middle East with the United Arab Emirates in first place and Saudi Arabia in 15th place.
Morocco, the only representative from Africa
With regard to the trade situation of Morocco, the only representative of the African continent, the report highlights its strong connectivity and great potential as the best aspects of the trade sector. However, it points out that logistical efficiency is a point to be improved by the Alawi administration.
François Huang, Asia-Pacific economist at Allianz Trade and one of the experts in charge of the report, noted that the economic power of the new 25 powers will grow at an annual rate of 1.6% over the next five years to reach 1.27 trillion dollars worth of exports derived from trade, equivalent to 21.3% of all world exports.
At the same time, he stressed that after the first five years, national governments will need to invest around 120 billion dollars in infrastructure in order to maintain the same rate of growth.
One of the conclusions Huang draws from the report is the assessment of the importance that China is gaining over the United States, given that the Asian giant has more trade agreements with the new emerging economies.