Abraham Accords: Israel-Morocco Trade Stands at $55.7 Mln

Trade between Israel and Morocco reached $55.7 Million in 2022, constituting a 32% increase in trade from 2021, said the 2022 report by the Abraham Accords Peace Institute.
According to the Israel Central Bureau of Statistics, Israel’s imports from Morocco increased from 10.2 million dollars in 2020 to 17.8 million, while its exports to the Kingdom climbed from 12.4 million dollars in 2020 to 37.9 million dollars in 2022.
Between 2020 and 2021, half of the trade between the two countries was in machinery, mechanical appliances, electrical equipment, vehicles, medical equipment, and arms. However, in the first 7 months of 2022, more than half of the trade was in textiles. The rest is composed of various products.
Trade between Israel and Morocco has grown significantly in 2022, although the unrealized potential in multiple sectors such as energy, agriculture, and manufacturing remains great, said the report.
Approximately 2,500 Moroccans visited Israel in 2022, while estimates indicated that 70,000 Israelis visited Morocco.
Outbound travel to Israel is still at a nascent stage due to the high cost of flights and cumbersome procedures for obtaining visas.
In terms of tourism’s contribution to GDP in Morocco, the industry represents 6.9% of the total GDP, down by 42.4% from the same figure for 2019 (12.0%). The tourism sector in 2021 however, posted an 8.8% growth compared to 2020. The dollar contribution of US$ 8.9 Billion makes tourism one of the largest revenue sources for the country.
As for the diplomatic ties, there have been notable positive diplomatic and security developments between Morocco and Israel in 2022, and there is significant potential to accelerate and expand progress across domains.