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 94% of its GDP (World Bank, latest data available). According to the latest figures from the Office des Changes, in 2023, exports were led by seven key products, accounting for 55.8% of total shipments: passenger cars were the main export with a 15.1% share, followed by natural and chemical fertilizers (13%), impacted by falling prices compared to the previous year. Electrical wires and cables ranked third (11.2%), ahead of apparel (6.9%), car parts (3.6%), phosphoric acid (3%), and aircraft components (3%). In the same period, the main imports were gas-oils and fuel-oils (8.1%), parts and components for cars and passenger vehicles (4.3%), petroleum gas and other hydrocarbons (3.3%), passenger cars (3.1%), plastics and various plastic products (2.8%), and wheat (2.7%).

In 2023, the country's main trade partners were Spain (22.5%), France (20.5%), Italy (5.2%), the United Kingdom (4.5%), and Germany (4.3%); whereas imports came chiefly from Spain (15.7%), China (10.6%), France (10.6%), the United States (8.4%), and Türkiye (5.1%). 63.2% of trade in 2023 was conducted with Europe. By country, the trade balance remains in deficit with Spain, though the gap is narrowing. The deficit with China has been worsening since 2011, while the trade gap with the United States is also expanding. With Italy, the trade balance remains negative but showed some improvement in 2023 (data Office des Changes).

Morocco has a structurally negative trade balance, which continues to deplete its foreign exchange reserves. In 2023, the overall trade deficit was estimated at 8.3% of GDP by the World Bank (from 11.5% one year earlier). According to WTO data, in 2023, Morocco exported USD 41.6 billion worth of goods, stable year-on-year; whereas the value of its imports stood at USD 68.6 billion, 4.4% less than the previous year. Morocco is a net exporter of services, with USD 26.6 billion in exports (+21.1% y-o-y, thanks to the good performance of the tourism sector) against USD 12 billion in imports (+11.8% y-o-y). The latest figures from the Office des Changes show that Moroccan exports saw a 5.8% growth in 2024. Leading the charge were automotive exports, which rose by 6.3% to reach MAD 157.6 billion. Imports, on the other hand, grew at a slightly faster pace (+6.4% to MAD 761.44 billion), with the energy bill decreasing by 6.5% to MAD 114.06 billion. The overall trade deficit widened by 7.3%, reaching MAD 306.47 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 50,73443,83158,03471,80768,632
Exports of Goods (million USD) 29,13227,15935,84341,48141,642
Imports of Services (million USD) 9,6317,1408,57310,74612,014
Exports of Services (million USD) 19,35313,86715,41621,98126,621

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

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 76.068.875.5101.193.8
Trade Balance (million USD) -19,771-15,540-19,967-26,462-25,112
Trade Balance (Including Service) (million USD) -10,049-8,813-13,125-15,235-12,013
Imports of Goods and Services (Annual % Change) 2.1-11.910.49.57.4
Exports of Goods and Services (Annual % Change) 5.1-15.07.920.58.8
Imports of Goods and Services (in % of GDP) 41.938.042.456.351.0
Exports of Goods and Services (in % of GDP) 34.130.833.144.842.8

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 1.43.73.83.83.8
Volume of imports of goods and services (Annual % change) 1.53.83.14.04.4

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)
2023
Spain 22.5%
France 20.5%
Italy 5.2%
United Kingdom 4.5%
Germany 4.3%
See More Countries 43.1%
Main Suppliers
(% of Imports)
2023
Spain 15.7%
China 10.6%
France 10.6%
United States 8.4%
Türkiye 5.1%
See More Countries 49.6%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

42.5 bn USD of products exported in 2023
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) 15.1%
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 11.7%
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 11.3%
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) 3.7%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.2%
See More Products 55.1%
70.6 bn USD of products imported in 2023
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 10.8%
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) 3.5%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.4%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.3%
Wheat and meslinWheat and meslin 2.7%
See More Products 76.3%

Source: Comtrade, 2024. 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

23.0 bn USD of services exported in 2023
44.95%
22.71%
17.09%
5.08%
5.07%
2.08%
1.27%
0.58%
0.58%
0.56%
0.04%
12.1 bn USD of services imported in 2023
44.28%
19.44%
13.36%
10.90%
4.20%
2.18%
1.60%
1.56%
1.25%
0.63%
0.62%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: February 2025