Despite a slight decline, Morocco's trade remains overwhelmingly dominated by Europe, new data confirms.

European partners accounted for 62% of Morocco's total trade, according to data from the Office de Change published this month, confirming a modest decline from 63,2% in 2023.

According to the report, approximately 56,4% of Morocco's imports originated in Europe, while 71,4% of Moroccan exports went to the EU.

Trade with Europe increased by 4,1% in 2024, reaching MAD 754.900 billion, compared to MAD 724.800 billion the previous year.

"A significant 86,6% of this trade was with countries in the European Union," the report states, placing Spain as Morocco's main European trading partner, followed by France, Germany, Italy, and Turkey.

The same report highlights a 12,7% increase in trade between Morocco and Asian countries, following a 15,8% drop in 2023.

“Its share in Morocco's total trade increased… from 18,9% in 2023 to 20,1% in 2024,” the report notes, attributing the situation to growing trade with China.

China tops the list of Morocco's main Asian partners for the thirteenth consecutive year.

Kazakhstan and India also contributed to the increase, the report explained.

Increased trade with the United States also contributed to the commercial boom with the Americas, with which trade grew by 6,1%.

Trade between Morocco and the United States increased by 15,8%, according to the report.

As for Africa, Moroccan trade with other African countries also increased by 6,3% this past year, following a sharp decline of -18,1% in 2023.

"This increase was largely due to trade with Egypt," the report notes, which identifies Cairo as Morocco's main African trading partner for the sixth consecutive year.

Trade with Oceania remains limited but has improved, increasing by 48,1% in 2024, the report said, attributing the growth to increased trade with Australia.

Overall, Morocco's trade with the world increased by 6,3%, compared to a decrease of 1,7% last year.

Imports increased by 6,4% to MAD 761.300 billion last year, up from MAD 715.800 billion the previous year, while exports are projected to reach MAD 456.300 billion in 2024, a 6,1% increase compared to 2023.

“As a result, the trade deficit worsened by 6,8% to MAD 304.900 billion in 2024, compared to MAD 285.600 billion the previous year,” the report said.

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