Morocco has become Spain’s top African trade partner, reaching record bilateral trade volumes in 2024, according to data from the Spanish Ministry of Economy, Trade, and Enterprise.
Total trade between the two countries surpassed €22.7 billion, with Spanish exports to Morocco amounting to €12.86 billion, representing 3.34% of Spain’s global exports. This makes Morocco Spain’s seventh-largest trading partner worldwide and third-largest non-EU trade partner, following the United Kingdom and the United States. Morocco has also moved ahead of Belgium and the Netherlands in Spain’s overall trade rankings.
Spanish exports to Morocco span multiple industries, with fuels accounting for 18% of total exports, followed by mechanical equipment (12%), vehicles (11%), electrical equipment (9%), and plastics (6%). Meanwhile, Moroccan exports to Spain reached €9.83 billion, making up 2.32% of Spain’s total imports. Morocco now ranks as Spain’s tenth-largest supplier and fourth-largest non-EU source of imports, surpassing Turkey. Key Moroccan exports to Spain include electrical equipment (30%), non-knitted clothing (15%), vehicles (12%), fish (9%), and fruits (6%).
Spain remains a major player in EU-Morocco trade, contributing 37% of Morocco’s total EU imports, ahead of France (20%), Germany (10%), and Italy (8%). It is also the leading EU destination for Moroccan exports, receiving 38% of Morocco’s EU-bound goods. In the African context, Morocco represents 61% of Spain’s exports to the continent and 79% of its exports to North Africa.
Investment between the two countries continues to grow, with Spanish investments in Morocco totaling €1.905 billion as of 2022, generating over 27,000 direct jobs. These investments span industries such as insurance, construction, non-metallic products, paper, and beverages. Morocco remains Spain’s top investment destination in Africa and ranks 29th globally.
Moroccan investments in Spain, though comparatively smaller, totaled €152 million in 2022, creating approximately 667 direct jobs, primarily in financial services, commerce, and real estate. Morocco currently ranks as Spain’s fifth-largest African investor.
The trade partnership has steadily expanded over the past two decades, with Spanish exports to Morocco rising from 1.1% of total exports in 2000 to 3.34% in 2024, while imports from Morocco have increased from 0.57% to 2.32% in the same period.
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