Spain remained Morocco’s top economic partner in 2019, accounting for 28.4% of the country’s total foreign trade with the European Union (EU). This is equivalent to MAD 144.4 billion ($14.89 billion), according to the Exchange Office’s 2019 annual foreign trade report.
European countries collectively accounted for 65.8% of Morocco’s total foreign trade carried in 2019, estimated at MAD 508.6 billion ($52.46 billion).
With MAD 120.9 billion ($12.47 billion) in 2019 investments, France accounted for 36.12% of Morocco’s total foreign trade. This made France the second economic partner for the North African country.
The two neighboring countries combined accounted for 52.2% of Morocco’s trade with Europe.
This shows an improvement in the trade deficit with Europe, with MAD 107.8 billion ($11.11 billion) in 2019 compared to MAD 116 billion ($11.96 billion) in 2018.
Morocco’s trade with the rest of the world
Asian and American countries also maintained a strong performance with Morocco in terms of 2019 foreign trade.
With MAD 131.7 billion ($13.58 billion), Asian countries held 17% of Morocco’s total foreign trade in 2019, up by 0.8% from the 2018 figure. The trade deficit stands at MAD 76.3 billion ($7.87 billion), showing a MAD 10.3 billion ($1.06 billion) drop compared to 2018.
American countries accounted for 11% of total foreign trade with Morocco, totaling MAD 85.1 billion ($8.77 billion) in 2019, up by MAD 1.3 billion ($134.09 million) compared to 2018. The trade deficit with the American continent has, thus, widened by MAD 3.5 billion ($361.01 million) to reach MAD 32.4 billion ($3.34 billion).
Trade with Africa showed an increase of MAD 3.7 billion ($381.64 million) against MAD 2.7 billion ($278.49 million) in 2018. Continental trade represented 5.1% of the country’s trade.
Morocco’s imports under FTAs
With a total value of MAD 151.6 billion ($15.63 billion), Morocco’s importations under free trade agreements (FTAs) represented 30.9% of its global imports.
Under the FTA between Morocco and the European Union, importations reached MAD 109.8 billion ($11.32 billion), recording a slight decrease of MAD 500 million ($51.57 million) compared to 2018.
Spain and France together accounted for 56% of imports in Morocco. Spain exported a total of MAD 26.9 billion ($2.77 billion) in 2019, down by MAD 300 million ($30.94 million) compared to 2018. France exported MAD 21.3 billion ($2.19 billion) to Morocco in 2019, up by MAD 1 billion ($103.14 million) compared to 2018. Germany exported MAD 13.3 billion ($1.37 billion) in 2019.
The Exchange Office stressed that importations under the Morocco-Turkey FTA amounted to MAD 19.1 billion ($1.97 billion) in 2019, an increase of MAD 2.6 billion ($268.18 million) compared to 2018.
Morocco’s importation under its FTA with the US fell by MAD 3 billion ($309.44 million) in 2019 to stand at MAD 14.6 billion ($1.50 billion).
Imports made under the Agadir Agreement (2004) — a free trade agreement between Morocco, Egypt, Jordan, and Tunisia — increased to reach MAD 5.8 billion ($598.25 million) in 2019, up by 7.5% compared to 2018.
Morocco’s imports from Oceania decreased from MAD 726 million ($72.6 million) in 2018 to MAD 642 million ($64.2 million) in 2019, marking a drop of 11.6%. Morocco also exported a total of MAD 347 million ($34.7 million) to Oceania in 2019, down by 45.3%.
Commercial balance
Morocco’s commercial transactions in 2019 recorded a slight increase of 2.2% on a year-to-year basis.
The imports of goods increased by 2% or MAD 9.8 billion ($1.01 billion) compared to 2018.
Exports saw a 2.4% increase or MAD 6.6 billion ($680.77 million), totaling MAD 280.6 billion ($28.94 billion) in 2019 against MAD 274.4 billion ($28.30 billion) in 2018.
The trade deficit widened by MAD 3.2 billion ($330.07 million) to stand at MAD 209.2 billion in 2019 ($21.57 billion), marking the lowest rate of worsening since 2016.
The coverage rate of imports by exports recorded a slight increase of 0.2% from 2018 to stand at 57.4% in 2019.