Morocco has emerged as Spain’s leading African trading partner, achieving unprecedented trade volumes in 2024. According to data from Spain’s Ministry of Economy, Trade and Enterprise, bilateral trade between the two countries reached a historic high of €22.7 billion. This milestone reflects Morocco’s growing importance in Spain’s global trade network and highlights the deepening economic ties between the two nations.
The surge in trade underscores Spain’s increasing reliance on Morocco as a key export destination and supplier of essential goods. As Morocco moves up Spain’s trade rankings, surpassing established European partners like Belgium and the Netherlands, the partnership is expected to bring greater economic benefits to both sides. The steady growth in trade and investment over the past two decades signals a promising future for Spain-Morocco economic relations.
Spanish Exports to Morocco Reach New Heights
In 2024, Spanish exports to Morocco rose to €12.86 billion, accounting for 3.34/percent of Spain’s global exports. Morocco now ranks as Spain’s seventh-largest global client and third-largest non-EU trading partner, trailing only the United Kingdom and the United States. This growth allowed Morocco to surpass Belgium and the Netherlands in Spain’s global trade rankings.
Spain’s exports to Morocco cover diverse sectors. Fuel products lead with 18/percent, followed by mechanical equipment (12/percent), vehicles (11/percent), electrical equipment (9/percent), and plastics (6/percent). This variety reflects Morocco’s increasing demand for Spanish goods and highlights the broad range of sectors contributing to the growing trade relationship.
Moroccan Exports to Spain Grow Significantly
Moroccan exports to Spain totaled €9.83 billion in 2024, representing 2.32/percent of Spain’s global imports. Morocco now ranks as Spain’s tenth-largest supplier and fourth-largest non-EU provider, after China, the United States, and the United Kingdom.
Moroccan exports to Spain remain concentrated in a few sectors. Electrical equipment makes up 30/percent of exports, followed by non-knitted clothing (15/percent), vehicles (12/percent), fish (9/percent), and fruits (6/percent). This steady supply of diverse goods reinforces Morocco’s importance as a reliable trade partner for Spain.
Spain Dominates EU-Morocco Trade
Spain continues to play a dominant role in Morocco’s trade relationship with the European Union. It accounts for 37/percent of Morocco’s imports from the EU, ahead of France (20/percent), Germany (10/percent), and Italy (8/percent). Spain is also the leading destination for Moroccan exports to the EU, absorbing 38/percent of these exports, with France (27/percent) and Italy (9/percent) following.
Morocco also dominates Spain’s trade with Africa. It represents 61/percent of Spain’s exports to the continent and 79/percent of exports to North Africa. On the import side, Morocco accounts for 28/percent of Spain’s African imports, ahead of Algeria (18/percent) and Nigeria (16/percent).
Investment Strengthens Economic Cooperation
Beyond trade, Spain’s investment in Morocco continues to grow. As of 2022, Spanish investment in Morocco stood at €1.905 billion, creating 27,655 direct jobs. These investments cover diverse sectors such as insurance, construction, manufacturing, paper, and beverages. Morocco is now Spain’s 29th-largest investment destination globally and the largest in Africa.
Morocco’s investment in Spain, although smaller, reached €152 million in 2022, generating 667 direct jobs. These investments mainly focus on financial services, commerce, and real estate. Morocco ranks as Spain’s 62nd-largest investor and fifth-largest from Africa.
Steady Growth Over Two Decades
Trade and investment between Spain and Morocco have expanded steadily over the past 20 years. Spanish exports to Morocco increased from 1.1/percent of global exports in 2000 to 3.34/percent in 2024. Similarly, imports from Morocco grew from 0.57/percent to 2.32/percent during the same period.
With growing trade volumes and rising investments, the partnership between Spain and Morocco is expected to strengthen further. As both nations continue to deepen their economic ties, new opportunities for growth and cooperation are likely to emerge in the coming years.