Spain and Morocco strengthen their trade ties
- Growth in Moroccan exports to Spain
- The third most important market for Spain outside the European Union
Spain and Morocco continue to strengthen their ties. Their bond has become one of the strongest alliances in the region and the figures only reflect the increasingly fruitful partnership between the two countries. On this occasion, trade data for the first quarter of this year reflect further growth, a trend that has been ongoing for the past three years.
Growth in Moroccan exports to Spain
Morocco continues to establish itself as one of the most important countries for Spain in terms of imports. So much so that the Alawi kingdom is already the 11th country with the highest volume of exports to Spain. At the same time, Spanish exports to Morocco reached a value of 3.04 billion euros in the first quarter of 2024, figures that follow last year's record of 12.14 billion euros in the whole of 2023.
In this way, Rabat became Spain's eighth best client, surpassing the already good figures for 2022, when exports to Morocco reached 11,750 euros. In fact, thanks to these figures, Morocco was Spain's eighth largest customer last year, accounting for 3.2% of total Spanish exports.
The third most important market for Spain outside the European Union
Morocco's rise as Spain's trading partner has translated into a huge increase in its portfolio of partners compared to other countries. Outside the borders of the European Union, only the United States and the United Kingdom have a larger volume of imports from Spain. Rabat has thus become Spain's third largest client, surpassing even some key partners such as China, which receives 2% of Spanish exports.
This is a constant and very positive development for relations between Spain and Morocco. Exports to the Alawi kingdom have now risen for four consecutive years. Since 2021, the number of imports from the peninsula has increased every year - but not in the opposite direction, where the volume of trade, although positive, remains lower -, which has led Morocco to become a key ally for Spain, occupying a privileged place in its portfolio of trading partners.
