Spanish imports from Morocco totaled 2.49 Bln euros (nearly 26.69 Bln dirhams) in the first quarter of 2024, demonstrating a 4% rise over the same period last year, according to the Spanish Embassy in Rabat.
Moroccan exports marginally surpassed its total export increase (+3%), while Spain’s overall import market decreased by 7.1%.
Based on the previous year, Spanish imports from Morocco in 2023 reached 9.03 Bln euros, a 4% increase over 2022.
Morocco became Spain’s eleventh largest supplier, accounting for 2.1% of overall imports.
Spanish exports to Morocco declined to 3.04 Bln euros in Q1-2024, a 6.2% decrease from 3.25 Bln euros in the same period the previous year.
In 2023, Spanish exports to Morocco reached a historic high of 12.14 Bln euros, up 3% from 11.75 Bln euros in 2022.
Last year, Morocco was Spain’s eighth largest export market, accounting for 3.2% of overall exports, and its third-largest market outside the European Union, after only the US and the UK, and outperforming other key markets such as China, which got 2% of Spain’s exports.
The coverage rate, which compares export to import values, fell to 122% in Q1-2024 from 134% in the same period the previous year.
This decline is attributed to a decrease in Spanish exports coupled with an increase in Moroccan imports.
Over the past three years—2021, 2022, and 2023—Spanish exports to Morocco have grown at a faster rate than imports from Morocco.
This trend reversed the previous decline in the coverage rate, which peaked at 134.5% in 2023.