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Morocco’s Exports to Spain Up 4% in Q1 2024

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.