In this page: Foreign Trade in Figures | Trade Compliance | Standards
Morocco is very open to foreign trade, which represents 87% of its GDP (World Bank, latest data available). Fertilizers, cars, enamelled or anodised wire were the main exports in 2020; whereas oil products accounted for the largest share of imports, followed by automobiles, wheat and meslin, gas, parts of motor vehicles, cable and wires. According to data from Office des Changes, in terms of product groups, exports were led by the automotive sector, ahead of agro-food and phosphate industries. On the other hand, equipment products accounted for 25.9% of imports, ahead of consumer products (23%) and semi-finished products (21.3%).
The country's main trade partners are Spain (23.9%) and France (22%), followed by Italy (4.4%), India (4.3%), and Brazil (4.1%). Spain is also the main supplier (15.4%), ahead of China (12.2%), France (12%), the U.S. (6.3%) and Turkey (5.5%). While European countries are the main trading partners (65.8% of total trade), Morocco has also been strengthening its commercial integration with the rest of Africa, namely through the ratification of the African Continental Free Trade Area Agreement.
Morocco has a structurally negative trade balance, which continues to deplete its foreign exchange reserves. In 2020, the overall trade deficit was estimated at 7.6% of GDP by the World Bank (from 8.6% one year earlier). According to WTO data, in 2020 Morocco exported USD 27.1 billion worth of goods, recording a decline of 6.7% year-on-year; whereas the value of its imports was at USD 43.8 billion, 13.6% less than the previous year. Morocco is a net exporter of services, with USD 13.2 billion of exports (-29.1% y-o-y) against USD 6.1 billion of imports (-29% y-o-y). The latest figures from the Office des Changes show that in the first nine months of 2021 trade in goods marked an increase both in imports and exports: the latter rose by 23.7% reaching a value of MAD 382.9 billion; similarly, exports stood at MAD 233 billion, an increase of 23.4% from the same period one year earlier. Thus, the trade deficit showed an increase of 24.3% or MAD 29.3 billion, reaching MAD 149.9 billion.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 44,490 | 51,038 | 50,734 | 43,831 | 58,034 |
Exports of Goods (million USD) | 25,272 | 28,609 | 29,132 | 27,159 | 35,843 |
Imports of Services (million USD) | 8,708 | 9,257 | 8,638 | 6,130 | 8,526 |
Exports of Services (million USD) | 16,592 | 17,993 | 18,728 | 13,268 | 15,461 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Foreign Trade (in % of GDP) | 74.2 | 77.3 | 76.0 | 68.8 | 75.0 |
Trade Balance (million USD) | -18,065 | -20,253 | -19,771 | -15,540 | -19,905 |
Trade Balance (Including Service) (million USD) | -10,551 | -12,131 | -10,049 | -8,813 | -12,969 |
Imports of Goods and Services (Annual % Change) | 4.6 | 4.8 | 2.1 | -11.9 | 2.0 |
Exports of Goods and Services (Annual % Change) | 10.8 | 3.8 | 5.1 | -15.0 | 1.6 |
Imports of Goods and Services (in % of GDP) | 41.6 | 43.4 | 41.9 | 38.1 | 42.0 |
Exports of Goods and Services (in % of GDP) | 32.6 | 33.8 | 34.1 | 30.8 | 32.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 30.3 | 6.4 | 5.6 | 4.8 | 5.3 |
Volume of imports of goods and services (Annual % change) | 5.9 | 3.8 | -1.7 | 4.2 | 3.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2020 |
---|---|
Spain | 23.9% |
France | 22.0% |
Italy | 4.4% |
India | 4.3% |
Brazil | 4.1% |
See More Countries | 41.3% |
Main Suppliers (% of Imports) |
2020 |
---|---|
Spain | 15.4% |
China | 12.2% |
France | 12.0% |
United States | 6.3% |
Türkiye | 5.5% |
See More Countries | 48.7% |
Source: Comtrade, last available data
Source: Comtrade, last available data
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17.4 bn USD of services exported in 2019 | |
---|---|
47.12% | |
Personal travelPersonal travel | 45.00% |
Business travelBusiness travel | 2.12% |
20.65% | |
15.05% | |
9.13% | |
3.60% | |
2.30% | |
0.88% | |
0.66% | |
0.54% | |
0.07% |
10.5 bn USD of services imported in 2019 | |
---|---|
36.30% | |
20.65% | |
Personal travelPersonal travel | 18.89% |
Business travelBusiness travel | 1.76% |
18.86% | |
12.34% | |
3.89% | |
3.37% | |
1.64% | |
1.40% | |
1.25% | |
0.30% |
Source: United Nations Statistics Division, Latest Available Data
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Moroccan Dirham (MAD) - Average Annual Exchange Rate For 1 EUR | 10.43 | 10.95 | 11.07 | 10.79 | 10.85 |
Source: World Bank - Latest available data.
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Latest update: January 2023