Morocco Becomes Spain’s Leading African Trade Partner

Trade between Spain and Morocco reached a historic high in 2024, confirming the Alawi kingdom’s position as Madrid’s main African trade partner. With an exchange volume exceeding €22.7 billion, Morocco has surpassed strategic markets such as Turkey and established itself as a key pillar of the Spanish economy.

Beyond macroeconomic figures, the rise in trade between the two countries is also reflected in the microeconomy. In 2024, more than 2.5 million Spanish tourists visited Morocco, demonstrating the strength of bilateral relations at various levels. This rapprochement serves as a model of cooperation that has drawn the interest of other European countries.

The trade relationship between Morocco and Spain is characterized by significant diversification. Spain mainly exports fuels (18% of total exports), mechanical equipment (12%), vehicles (11%), electrical equipment (9%), and plastics (6%). Meanwhile, Morocco supplies Spain with electrical equipment (30%), textiles (15%), vehicles (12%), fish (9%), and fruits (6%).

At the European level, Spain has established itself as Morocco’s leading trade partner within the European Union. With 37% of Morocco’s EU imports coming from Spain, it surpasses France (20%), Germany (10%), and Italy (8%). Spain is also the primary destination for Moroccan businesses in Europe, accounting for 38% of their trade.

Spanish investments in Morocco have seen significant growth. In 2022, they reached €1.9 billion, creating more than 27,600 jobs in various sectors. At the same time, Moroccan investments in Spain amounted to €152 million, solidifying Morocco as the fifth-largest African investor in the Iberian Peninsula.

With a steady upward trend since 2000, projections suggest that this dynamic will continue at least until the 2030 World Cup, a key milestone expected to set new records in trade between Rabat and Madrid.