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Tuesday, August 4, 2020

Spain consolidates its place as Morocco’s leading trading partner

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EU countries are responsible for 65.8% of the some 508.6 billion dirhams of trade achieved by Morocco in 2019.

Spain is the source of 144.4 billion DH of these exchanges, thus consolidating its place as the country’s leading trading partner.

France, it, with 120.9 billion DH, comes in second place. These two countries alone account for 52.2% of Morocco’s trade with Europe.

The Office des Changes underlines, in its last issue of the annual foreign trade report, an improvement in the trade deficit vis-à-vis Europe at the end of 2019. It stood at 107.8 million dirhams, in 8.2 billion improvement compared to 2018.

The other half of Morocco’s trade is carried out largely with Asia and America.

Trade with Asian countries shows a total of 131.7 billion durhams, or 17% of trade against 16.2% in 2018. There is also an improvement in the trade deficit, which drops from 10.3 billion to 76, 3 billion dirhams.

The countries of the American continent are responsible for 85.1 billion dirhams, or 11% of total trade. The trade deficit with this zone has widened by 3.5 billion, to reach 32.4 billion dirhams.

Trade with Africa is consolidating from year to year. The continent represents 5.1% of the Kingdom’s trade. A surplus of 3.7 billion dirhams, against 2.7 billion in 2018, was recorded.

In addition, imports from Morocco carried out under free trade agreements remained stable at 151.6 billion dirhams. This level represents 30.9% of the country’s total imports. 72.4% of these exchanges, or 109.8 billion dirhams, are made with European countries.

Three countries are responsible for 56% of these imports from Europe under the free trade agreement. These are Spain with 26.9 billion dirhams, France with 21.3 billion and Germany with 13.3 billion dirhams.

For imports under cover of the agreement with Turkey, the report stresses that they have regained their second position after losing it for the agreement with the United States in 2018. They reach 19.1 billion dirhams, in an increase of 3.6 billion compared to 2018. With the United States, imports fell by 3 billion dirhams to reach 14.6 billion dirhams.

Regarding imports made under the Agadir agreement, they posted 5.8 billion dirhams, up 7.5% compared to 2018. This level, notes the report, has been steadily improving since 2016. The increase of 2019 was supported in particular by imports from Egypt (+ 8.4% to 300 million dirhams).

On the export side, Morocco achieves 773.3 billion dirhams, a slight increase of 2.4% compared to 2018, which slightly limits the widening of the trade deficit to 3.2 billion DH, the lowest level since 2016 The deficit reaches 209.2 billion dirhams.

The coverage rate of imports by exports thus recorded a very slight improvement, going from 57.2% in 2018 to 57.4% in 2019.

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