Record-Breaking Trade Exchange between Spain and Morocco
Spanish customs data showed that Spain’s exports to Morocco set a new all-time high in 2022 at €11.748m, up 23.6% from 2021.
Official Spanish data showed that “bilateral trade between Madrid and Rabat in 2021 exceeded pre-pandemic levels,” noting that “exports were 12.4% higher than those recorded in 2019.”
She pointed out that “Over the past two years, 2021 and 2022, Spanish exports to Morocco have grown faster, and this reflects a downward trend in the Spanish balance sheet coverage ratio from 130.12% in 2021 to 135% in 2022.”
The value of Spanish imports from Morocco in 2022 was €8,692 million, up 19.1% from 2021.
Morocco was the 13th largest supplier to Spain in 2022, accounting for 1.9% of total imports.
The trade coverage ratio in Moroccan-Spanish trade remained in favor of Spain, however, a downward trend was recorded during the four-year period between 2017 and 2020.
The data showed that “in 2017 it was 127.55%, in 2018 it was 122.86%, in 2019 it was 122.55%, and in 2020 it dropped to 116%, and the sharp decline in enrollment in 2020 reflects the fact that Moroccan exports to Spain, especially agricultural ones, have been less affected by the Corona virus than imports.
Morocco is also ranked as Spain’s ninth buyer in 2022 with 3% of total exports and the third market outside the European Union after the US and UK and ahead of China, which accounts for 2.1% of Spanish exports.
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