In 2024, the trade balance between Morocco and Spain reached record levels, consolidating both countries as key trade partners. During the first ten months of the year, Spanish exports to Morocco totaled 10,843 million euros, representing a year-on-year increase of 6.8%. For their part, imports from Morocco to Spain amounted to 8,220 million euros, up 9.1% compared to the same period last year.
These data reflect sustained growth in bilateral trade, outperforming the overall performance of Spanish foreign trade, whose exports grew by just 0.7% and imports decreased by 0.4% in the same period. This growth has led Morocco to consolidate its position as the second largest destination for Spanish exports outside the European Union, behind only the United States, and as Spain’s third largest foreign supplier, after the United States and China.
In terms of products traded, Spain’s main exports to Morocco included refined petroleum, internal combustion engines and motor vehicles. On the other hand, Morocco exported to Spain products such as insulated cables, mollusks and non-woven garments.
This strengthening of trade relations is part of a broader collaboration between the two countries, which includes joint participation in strategic projects such as the organization of the 2030 World Cup. During an official visit to Morocco, Spain’s Secretary of State for Trade, Amparo López Senovilla, highlighted the opportunities for Spanish companies in sectors such as infrastructure, digitalization, technology and tourism, in the context of that sporting event.
In summary, 2024 was an outstanding year for the trade balance between Morocco and Spain, characterized by significant growth in the exchange of goods and a diversification of traded products, reflecting the strength and depth of economic relations between the two countries.