Morocco has a population of around 37.8 million inhabitants and has a high level of political, social and economic stability compared to other countries in the region. Its strategic location allows it to have strong commercial relations with the European market and a notable automobile industry. According to the World Bank, Morocco has the second largest economy in the Maghreb and, according to Coface, represents 70% of the world's phosphate reserves.
Its economy, one of the most diversified in North Africa, stands out in two sectors: services, with 55.7% of GDP, where tourism plays a strategic role in driving Morocco's development, and the agricultural sector, which is very vulnerable to climate change and employs around 45% of the country's workforce.
Over the past few years, Morocco has become an economically competitive country, due to its focus on the green economy and the promotion of “Made in Morocco” ecosystems, national modernization in sectors such as energy, agriculture, industry and tourism, investment in infrastructure, economic reforms and increasing openness to the outside world.
IMPORTS
According to Comtrade, imports from Morocco were valued at USD 47 billion in 2023 (USD 57 billion in 2022). The five main groups of imported products were Machinery and Equipment (20.9%), Mineral Fuels (12.7%), Vehicles and Other Transport Materials (11.5%), Agricultural Products (9.9%) and Common Metals (9.3%).
According to Comtrade, Morocco's top five suppliers in 2023 were Spain (27.3%), China (13.8%), the USA (8.0%), Germany (7.5%) and Turkey (6.5%). These markets together represented 63.1% of the value of imports.
EXPORTS
According to Comtrade, Morocco's exports were valued at USD 32 billion in 2023 (USD 44 billion in 2022). The five main groups of exported products were Machinery and Equipment (23.5%), Agricultural Products (16.6%), Vehicles and Other Transport Materials (16.4%), Clothing (14.7%) and Chemical Products (13.4%).
According to Comtrade, Morocco's top five customer markets in 2023 were Spain (30.6%), Germany (9.2%), the United Kingdom (7.1%), Italy (6.7%) and the USA (5.6%). These markets together represented 59.1% of the value of exports.
TRADE BALANCE WITH PORTUGAL
According to Comtrade, the coverage rate of imports by exports was 68.0%.
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