Doha-Morocco emerged as Spain’s leading African trading partner and reached record-breaking bilateral trade volumes in 2024. This emerges from the latest data from the Spanish Ministry of Economic Affairs, Trade and Companies.
The trade Relationship has reached historical level, the exchange exceeding € 22.7 billion. The Spanish exports to Morocco reached € 12.86 billion in 2024, which corresponds to 3.34% of Spain’s global exports.
This positions Morocco as Spain’s seventh global customer and third largest non-EU customer, who only follows the United Kingdom and the USA one after the other. Morocco has exceeded Belgium and the Netherlands in the global trade ranking of Spain.
Spanish exports to Morocco show a significant diversification between the sectors, whereby fuel led with 18%of total exports, followed by mechanical devices with 12%, vehicles with 11%, electrical equipment with 9%and plastics, which correspond to 6%of the export volume.
The Moroccan exports to Spain reached € 9.83 billion in 2024 and made 2.32% of the global imports of Spain. Morocco, as a tenth largest global supplier and fourth largest non-EU provider, builds this performance to China, the United States and the United Kingdom.
Morocco has overtaken Turkey in Spain’s supplier ranking. The composition of Moroccan exports to Spain shows a concentration in electrical devices that corresponds to 30%of exports, followed by non -punitive clothing with 15%, vehicles with 12%, fish in 9%and fruit at 6%.
Spain maintains a dominant position in the trade relationships of the EU Morocco and makes 37%of Morocco imports from the EU before France with 20%, Germany with 10%and Italy with 8%.
Read too: Spanish transfers to Morocco Double, now highest second
Spain is also the primary goal for Moroccan exports to the EU and absorbs 38% of EU-bound exports in Morocco, followed by France at 27% and Italy with 9%.
In the African context, Morocco corresponds to 61% of Spain’s exports to the continent and 79% of Spain’s exports to North Africa. Morocco also accounts for 28% of African imports in Spain and, with 18% and Nigeria, leads to Algeria with 16%.
The investment Landscape Spanish investors in Morocco reflects a strong foot between the two countries, whereby the total investment substances reached € 1.905 billion from 2022, which generates 27,655 direct jobs.
These investments extend over various sectors, including insurance, construction, not metallic products, paper and drinks. Morocco is the 29th global investment goal of Spain and holds the position of the first investment goal in Africa.
In the Moroccan investments in Spain, it is more modest, but from 2022 € 152 million and creates 667 direct jobs.
These investments mainly focus on financial services, trade and Real estate Sectors. Morocco is currently the 62nd global investor in Spain and fifth African investor.
The bilateral trade relationship has thrived in recent decades, with Spanish exports to Morocco rose from 1.1% to 3.34% in 2024 in 2000, while the imports from Morocco rose from 0.57% to 2.32% in the same period.
