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 101% of its GDP (World Bank, latest data available). According to the latest figures from the Office des Changes, in terms of sectors, in 2022 exports were led by natural and chemical fertilizers (27.1%), cars (26.11%), agricultural (19%), and textile products (10.3%); whereas energy products were the main imports (20.8%), followed by wheat (3.5%), vehicle parts (3.2%), plastics and ammonia (2.9% each).

The country's main trade partners were Spain (19.6%) and France (18.7%), followed by Italy (4.5%) and Germany (4.1%). Spain was also the main supplier (14.1%), ahead of France (10.6%), China (10%), and Turkey (5.2% - data OdC for 2021). While European Union countries were the main trading partners (56.6% of total exports, 45.4% of imports), 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 2022, the overall trade deficit was estimated at 11.5% of GDP by the World Bank (from 9.3% one year earlier). According to WTO data, in 2022 Morocco exported USD 41.4 billion worth of goods, recording an increase of 15.7% year-on-year; whereas the value of its imports stood at USD 71.8 billion, 23.7% more than the previous year. Morocco is a net exporter of services, with USD 21.9 billion in exports (+42.5% y-o-y, thanks to the good performance of the tourism sector) against USD 10.7 billion in imports (+25.3% y-o-y). The latest figures from the Office des Changes show that in the first six months of 2023, the merchandise exports of Morocco showed a significant increase, reaching MAD 221.3 billion, representing a rise of 1.9% compared to the previous year. This growth was primarily driven by the automotive, textile and leather, as well as the electronics and electricity sectors. Goods imports recorded a decrease of 1.6%, primarily attributable to the decline in purchases of semi-finished products, energy products, and raw materials. Overall, Morocco's imports totalled MAD 359.5 billion in the period under review.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 51,03850,73443,83158,03471,807
Exports of Goods (million USD) 28,60929,13227,15935,84341,481
Imports of Services (million USD) 10,5139,6317,1408,57310,746
Exports of Services (million USD) 18,63419,35313,86715,41621,981

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

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 77.376.068.875.098.6
Trade Balance (million USD) -20,253-19,771-15,540-19,967-26,462
Trade Balance (Including Service) (million USD) -12,131-10,049-8,813-13,125-15,227
Imports of Goods and Services (Annual % Change) 4.82.1-11.911.817.7
Exports of Goods and Services (Annual % Change) 3.85.1-15.08.721.5
Imports of Goods and Services (in % of GDP) 43.441.938.142.055.1
Exports of Goods and Services (in % of GDP) 33.834.130.832.943.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -8.73.33.63.42.8
Volume of imports of goods and services (Annual % change) -5.52.62.62.42.2

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)
2022
Spain 19.6%
France 19.1%
India 6.4%
Italy 4.5%
Brazil 4.0%
See More Countries 46.4%
Main Suppliers
(% of Imports)
2022
Spain 14.1%
France 10.6%
China 10.0%
United States 7.4%
Saudi Arabia 6.5%
See More Countries 51.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

42.2 bn USD of products exported in 2022
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 16.2%
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) 12.4%
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 9.1%
Diphosphorus pentaoxide; phosphoric acid;...Diphosphorus pentaoxide; phosphoric acid; polyphosphoric acids, whether or not chemically defined 5.3%
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) 3.2%
See More Products 53.7%
72.6 bn USD of products imported in 2022
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 13.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.6%
Wheat and meslinWheat and meslin 3.5%
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) 2.9%
Ammonia, anhydrous or in aqueous solutionAmmonia, anhydrous or in aqueous solution 2.9%
See More Products 74.0%

Source: Comtrade, 2023. 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

20.1 bn USD of services exported in 2022
45.91%
20.83%
17.50%
5.32%
5.22%
2.10%
1.50%
0.66%
0.64%
0.31%
0.01%
10.6 bn USD of services imported in 2022
49.09%
17.85%
11.97%
8.02%
4.44%
2.78%
1.67%
1.49%
1.40%
0.69%
0.61%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: February 2024