Morocco-Spain Reconciliation Sparks Trade Revival, Boosting Key Industries

After a year of discord, Spain and Morocco have sealed a historic reconciliation. The two countries are now embarking on a new stage of their partnership. This could revive trade between the two countries. The high value-added sectors to be explored are: renewable energies, agribusiness, ICT, tourism, industry, innovation, trade and distribution.

Despite the Covid-19 crisis and the diplomatic rift, these exchanges reached a record of 153.7 billion DH in 2021, an increase of 20% compared to 2020. As for Moroccan exports to Spain, they also increased, reaching a record of 70.7 billion DH in 2021, an increase of 12% compared to 2020. A strong rebound in sales of ready-made garments, crustaceans, molluscs and shellfish, knitwear articles, passenger cars and phosphoric acid is behind this clear recovery, reports L’Économiste.

However, it was noted that the trade balance with Spain is "structurally in deficit". "It widened in 2021 to reach - 12.3 billion DH against - 2 billion DH in 2020. The trade coverage rate stood at 85% in 2021 against a peak of 97% in 2020 and an average of 80% over the period 2011-2019," it is noted.