Spanish imports from Morocco up 4% in Q1-2024 (Embassy)

Spanish imports from Morocco stood at 2.49 billion euros (nearly 26.69 billion dirhams) in the first quarter of 2024 (Q1-2024), up 4% compared to the same period. of the previous year, according to recent statistics from the Spanish Embassy in Rabat.

Moroccan exports to Spain showed very favorable behavior during the first three months of 2024. They increased slightly more than Morocco’s total exports (+3%) and this in a contracting market since total Spanish imports fell 7.1%.

Regarding the year 2023, Spanish imports from Morocco represented a value of 9.03 billion euros, an increase of 4% compared to 2022. Morocco was the 11th supplier to Spain, with 2.1% of the total imported.

Furthermore, Spanish exports to Morocco reached a value of 3.04 billion euros in Q1-2024, a decrease of 6.2% compared to the same period of the previous year, when they were 3.25 billion euros.

In 2023, Spanish exports to Morocco reached a new historical record with a value of 12.14 billion euros, an increase of 3% compared to 2022, when they were 11.75 billion euros.

Morocco was Spain’s 8th customer in 2023 with 3.2% of total Spanish exports. It is Spain’s third largest non-EU market, just behind the United States and the United Kingdom, and ahead of other countries such as China, which receives 2% of Spanish exports.

Thus, the coverage rate fell again in Q1-2024, standing at 122%, compared to 134% for the same period in 2023. This is due to the decrease in Spanish exports compared to the increase in Moroccan imports.

Over the past three years, 2021, 2022 and 2023, Spanish exports to Morocco have grown at a faster rate than flows in the opposite direction. In this way, the downward trend in the coverage rate was reversed, reaching 134.5% in 2023.