Morocco has the second-largest non-oil GDP in the Arab world. In the past, Morocco relied on phosphate exports, which has declined over the recent years. The country has now emerged as an exporter of manufactured and agricultural products and its popularity as a tourism destination is growing.
Morocco Trade: Overview
Morocco's trade is based on various free trade agreements that the country has signed with its principal economic partners.
Some of these are:
• The Euro-Mediterranean free trade area agreement with the European Union (EU). The objective of this agreement is to integrate the European Free Trade Association.
• The Agadir Agreement, which was signed with Egypt, Jordan and Tunisia, within the framework of the Greater Arab Free Trade Area.
• The US-Morocco Free Trade Agreement came into force on January 1, 2006.
• The agreement with Turkey for free exchange.
Morocco Trade, Exports and Imports
Morocco’s trade was drastically affected by the global recession. While exports totaled $20.17 billion in 2008, they were reduced to $15.61 billion in 2010.
• Clothing and textiles
• Transistors and Electric components
• Crude minerals and Inorganic chemicals
• Petroleum products and Fertilizers (including phosphates)
• Citrus fruits, Vegetables, Fish
Morocco’s export partners are; Spain (19.2%), France (17.6%), Brazil (7.1%), US (4.5%), Belgium (4.5%) and Italy (4.3%).
Imports to Morocco totaled $31.83 billion in 2010; however fell from $39.35 billion in 2008.
• Crude petroleum
• Textile fabric
• Telecommunications equipment
• Gas and electricity
• Transistors and Plastics
Morocco’s import partners are; France (16.1%), Spain (13.5%), Italy (6.5%), China (6%), Germany (5.6%), Saudi Arabia (5.4%) and Moldova (5%).
Morocco’s primary trade partner continues to be France. France is also the primary creditor and foreign investor for Morocco.