Morocco has become Spain’s top African trade partner, reaching record trade volumes in 2024, according to the Spanish Ministry of Economy, Trade, and Enterprise. Trade exchanges between the two nations have reached an unprecedented €22.7 billion, reinforcing Morocco’s position as Spain’s seventh-largest global client and third-largest non-EU trading partner, trailing only the United Kingdom and the United States. This surge has propelled Morocco ahead of Belgium and the Netherlands in Spain’s global trade rankings.
Spanish exports to Morocco amounted to €12.86 billion in 2024, accounting for 3.34% of Spain’s total exports. These exports are well-diversified across sectors, with fuels leading at 18%, followed by mechanical equipment at 12%, vehicles at 11%, electrical equipment at 9%, and plastics at 6%.
Meanwhile, Moroccan exports to Spain reached €9.83 billion, constituting 2.32% of Spain’s global imports. Morocco now ranks as Spain’s tenth-largest supplier and fourth-largest non-EU provider, surpassing Turkey. The primary Moroccan exports to Spain include electrical equipment at 30%, non-knitted clothing at 15%, vehicles at 12%, fish at 9%, and fruits at 6%.
Spain holds a dominant position in EU-Morocco trade relations, supplying 37% of Morocco’s EU imports, ahead of France at 20%, Germany at 10%, and Italy at 8%. Spain is also the primary destination for Moroccan exports to the EU, absorbing 38% of Morocco’s EU-bound exports, followed by France at 27% and Italy at 9%.
Within the African market, Morocco represents 61% of Spain’s exports to the continent and 79% of its exports to North Africa. Additionally, Morocco accounts for 28% of Spain’s African imports, surpassing Algeria at 18% and Nigeria at 16%.
Investment ties between the two nations remain strong, with Spanish investment stock in Morocco reaching €1.905 billion as of 2022, generating 27,655 direct jobs. Spanish investments span multiple sectors, including insurance, construction, non-metallic products manufacturing, paper, and beverages. Morocco is Spain’s 29th global investment destination and its top investment destination in Africa.
Conversely, Moroccan investments in Spain, though relatively modest, totaled €152 million as of 2022, creating 667 direct jobs, primarily in financial services, commerce, and real estate. Morocco ranks as Spain’s 62nd global investor and fifth among African investors.
Over the past two decades, the bilateral trade relationship has witnessed significant expansion. Spanish exports to Morocco have grown from 1.1% in 2000 to 3.34% in 2024, while imports from Morocco have risen from 0.57% to 2.32% over the same period. This growth underscores the strengthening economic partnership between the two nations, further solidifying Morocco’s strategic role in Spain’s global trade network.
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