Xifres de comerç exterior de Marroc

Foreign Trade in Figures

Morocco is very open to foreign trade, which represents 94% of its GDP (World Bank, latest data available). According to the latest figures from the Office des Changes, in 2023, exports were led by seven key products, accounting for 55.8% of total shipments: passenger cars were the main export with a 15.1% share, followed by natural and chemical fertilizers (13%), impacted by falling prices compared to the previous year. Electrical wires and cables ranked third (11.2%), ahead of apparel (6.9%), car parts (3.6%), phosphoric acid (3%), and aircraft components (3%). In the same period, the main imports were gas-oils and fuel-oils (8.1%), parts and components for cars and passenger vehicles (4.3%), petroleum gas and other hydrocarbons (3.3%), passenger cars (3.1%), plastics and various plastic products (2.8%), and wheat (2.7%).

In 2023, the country's main trade partners were Spain (22.5%), France (20.5%), Italy (5.2%), the United Kingdom (4.5%), and Germany (4.3%); whereas imports came chiefly from Spain (15.7%), China (10.6%), France (10.6%), the United States (8.4%), and Türkiye (5.1%). 63.2% of trade in 2023 was conducted with Europe. By country, the trade balance remains in deficit with Spain, though the gap is narrowing. The deficit with China has been worsening since 2011, while the trade gap with the United States is also expanding. With Italy, the trade balance remains negative but showed some improvement in 2023 (data Office des Changes).

Morocco has a structurally negative trade balance, which continues to deplete its foreign exchange reserves. In 2023, the overall trade deficit was estimated at 8.3% of GDP by the World Bank (from 11.5% one year earlier). According to WTO data, in 2023, Morocco exported USD 41.6 billion worth of goods, stable year-on-year; whereas the value of its imports stood at USD 68.6 billion, 4.4% less than the previous year. Morocco is a net exporter of services, with USD 26.6 billion in exports (+21.1% y-o-y, thanks to the good performance of the tourism sector) against USD 12 billion in imports (+11.8% y-o-y). The latest figures from the Office des Changes show that Moroccan exports saw a 5.8% growth in 2024. Leading the charge were automotive exports, which rose by 6.3% to reach MAD 157.6 billion. Imports, on the other hand, grew at a slightly faster pace (+6.4% to MAD 761.44 billion), with the energy bill decreasing by 6.5% to MAD 114.06 billion. The overall trade deficit widened by 7.3%, reaching MAD 306.47 billion.