Morocco flag Morocco: Economic and Political Overview

Foreign trade figures of Morocco

Foreign Trade in Figures

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 20172018201920202021
Imports of Goods (million USD) 44,49051,03850,73443,83158,034
Exports of Goods (million USD) 25,27228,60929,13227,15935,843
Imports of Services (million USD) 8,7089,2578,6386,1308,526
Exports of Services (million USD) 16,59217,99318,72813,26815,461

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 80.984.088.087.178.6
Trade Balance (million USD) -17,630-18,065-20,253-19,771-15,507
Trade Balance (Including Service) (million USD) -10,739-10,551-12,131-10,049-8,740
Imports of Goods and Services (Annual % Change) 14.57.97.43.3-11.5
Exports of Goods and Services (Annual % Change) 6.011.16.05.5-14.8
Imports of Goods and Services (in % of GDP) 45.546.849.248.043.2
Exports of Goods and Services (in % of GDP) 35.437.238.839.135.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 30.36.45.64.85.3
Volume of imports of goods and services (Annual % change) 5.93.8-1.74.23.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Morocco is a member of the following international economic organisations: IMF, Development (AFESD), ICC, Arab Maghreb Union (AMU), WTO, Arab Monetary Fund (AMF), G-77, Arab League, among others. For the full list of economic and other international organisations in which participates Morocco click here. International organisation membership of Morocco is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Morocco can be consulted here.
 

Main Partner Countries

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, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

27.7 bn USD of products exported in 2020
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg 11.2%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 11.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 10.7%
Diphosphorus pentaoxide; phosphoric acid;...Diphosphorus pentaoxide; phosphoric acid; polyphosphoric acids, whether or not chemically defined 4.3%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, slips, petticoats and panties, tracksuits, ski suits and swimwear) 3.1%
See More Products 59.7%
44.5 bn USD of products imported in 2020
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 6.9%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.2%
Wheat and meslinWheat and meslin 3.2%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.4%
See More Products 81.5%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2022