Its top imports are Refined Petroleum ($3.13B), Cars ($1.81B), Petroleum Gas ($1.27B), Vehicle Parts ($1.14B) and Wheat ($744M). Over the past 15 years Morocco has signed free trade agreements (FTAs) with some of the largest economies in the world. Morocco is currently our 63rd largest goods trading partner with $5.1 billion in total (two way) goods trade during 2019. This trend can be explai… Morocco Trade Statistics. The top import origins of Morocco are Spain ($9B), France ($4.64B), China ($3.14B), Germany ($2.34B) and Italy ($2.11B). Morocco's main trade partners are Spain and France, followed by the United States, Italy and India. The agreement was signed by Vice President of CCCME Liu Chun on behalf of the Chinese chamber of commerce and the General … Home - Global trade relations - Free Trade Agreements and Trade Relations by Partners - Morocco. Restaurants in Rabat MOROCCO – Morocco’s Bank of Africa (BMCE Group) has signed a partnership agreement with the Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCME) to boost trade between the two countries.. The top export destinations of Morocco are France ($5.57B), Spain ($5.46B), Germany ($1.16B), Italy ($1.13B) and the United States ($1.09B). Morocco is a member of the World Trade Organization (WTO) since 1995. In a nutshell the main industries in Morocco are phosphate rock mining and processing, food processing, leather goods, textiles, selling of arts and crafts, construction, and tourism. We offer trade promotion assistance to U.S. companies through a range of services and programs. Morocco exports 160 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a productâs global market). Merchandise Trade statistics for Morocco (MAR) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. In 2018, Morocco exported $33.7B and imported $48.3B, resulting in a negative trade balance of -$14.6B. Our Commercial Specialists will help you do business in Morocco by identifying trade opportunities, find local business partners, promote your products and services, obtain valuable market research reports, and protect your IPR. Brazil is an… The top exports of Morocco are Cars ($2.62B), Mixed Mineral or Chemical Fertilizers ($1.7B), Insulated Wire ($1.53B), Non-Knit Women's Suits ($1.33B) and Phosphoric Acid ($1.01B), using the 1992 revision of the HS (Harmonized System) classification. globalEDGE - Your source for business knowledge Menu. I- Interregional trade trends and concentration Index Trade between Morocco and sub-Saharan Africa has been on an upward trend since 2009, with an annual growth of 12.8% between 2000 and 2015.1 However, sub-Saharan Africa’s share of Morocco's external trade remains low in comparison with its other partners, such as the European Union, or to a lesser extent the MENA region. Global Insights ... View All Export/Import Trade Partners Traded Goods (at the 2-digit HS Code level) Top 10 Export Goods. Morocco services export is 18,541,094,405 in BoP, current US$ and services import is 10,551,997,556 in Bop, current US$.Morocco exports of goods and services as percentage of GDP is 38.73% and imports of goods and services as percentage of GDP is 49.26%. In 2017 the GDP of Morocco was $109B and its GDP per capita was $8.22k. List your company on, Linking Economic Complexity, Institutions and Income Inequality, The structural constraints of income inequality in Latin America, Creative Commons Attribution-ShareAlike 3.0 Unported License. Spain was the main supplier of Morocco and its top customer according to latest available Comtrade data. Morocco borders Algeria, Western Sahara, Mauritania and Spain by land and Portugal by sea. The most recent imports are led by Refined Petroleum which represent 8.37% of the total imports of Morocco, followed by Cars, which account for 4.84%. The capital of Morocco is Rabat, which is bordered by the Atlantic Ocean. […] Last modified November 1, 2019, Country by Country FAQs / Country Guides / New Zealand, What is the Capital of New Zealand? The first table below shows top trading partners of Morocco in terms of export sales (selling), including France, Spain, and India. Alliance project in Morocco expands as partners raise their ambitions for trade facilitation. Morocco mainly trades with those African countries that are members of AGADIR and PAFTA or the countries with which FTAs are in place. Spain was the main supplier of Morocco and its top customer according to latest available Comtrade data. Morocco also has FTAs with Egypt, Jordan, Tunisia, Turkey, and the United Arab Emirates (UAE) and has advanced trade status with the European Union. Goods exports totaled $3.5 billion; goods imports totaled $1.6 billion. In 2017, Morocco exported $24.9B and imported $37.4B, resulting in a negative trade balance of $12.5B. Morocco Trade Statistics including exports and imports by partner and products, tariffs and relevant development indicators. Some other major trading partners include France, China, the United States and Italy. This translated into a trade surplus with Morocco of $1.26 billion in 2010, a 3,505% increase over the $35 million trade surplus of 2005. In 2018, Morocco's exports per capita were $935 and its imports per capita were $1.34k. Morocco flag (FlagPictures.org) A country located on Africa’s northwestern coast, the Kingdom of Morocco shipped US$29.3 billion worth of goods around the globe in 2019. Morocco is the 67th largest export economy in the world and the 99th most complex economy according to the Economic Complexity Index (ECI). 64,6 % of Morocco's exports went to the EU, and 56,5% of Morocco's imports came from the EU. Inflation stands at around four percent and unemployment at around nineteen percent. In 2017, Morocco exported $24.9B and imported $37.4B, resulting in a negative trade balance of $12.5B. Exports in Morocco averaged 12826.70 MAD Million from 1998 until 2020, reaching an all time high of 27273 MAD Million in March of 2019 and a record low of 4878.90 MAD Million in April of 1998. This has impacted the kingdom’s trade figures, though in some cases it has also been followed by increases in trade deficits with these partners. It is in between the Western Sahara and Algeria in North Africa. The government has moved to gradually reform the trade sector and remove barriers to export by approving a new foreign trade law that minimizes the state's role in the export of goods and that liberalizes import practices. The EU is Morocco's largest trading partner, accounting for 59,4% of its trade in 2017. The Maghreb (as the Northern Africa area is called) was a fertile savannah then and not at all like todays modern arid landscape. Looking for commercial partners in Morocco? Trading Partner Portal: Morocco Trade Overview Morocco is slightly geographically larger than California. The period of January-August 2019 saw growing collaboration between the two countries, with Italy ranked fifth among Morocco’s trading partners. Morocco’s main trading partners are France and Spain. Wellington, Business Holidays / Country Guides / Slovenia. Data Sources. The conflict ignited after Spain’s colonial withdrawal from the region in 1975, leaving Mauritania, Morocco and the Polisario Front in an entrenched conflict over … In June, Moroccan representatives met with trade officials of Brazil to discuss a possible free trade agreement. This treemap shows the cultural exports of Morocco by city, as proxied by the production of globally famous historical characters. In this version of the product space products are colored according to their Product Gini Index, or PGI. Trade with the latter accounted for 56.7% and 15.3%, respectively, of Morocco's total trade in 2015, compared to only 3.4% with sub-Saharan Africa. Morocco flag (FlagPictures.org) A country located on Africa’s northwestern coast, the Kingdom of Morocco shipped US$29.3 billion worth of goods around the globe in 2019. France and Spain remain the primary trade partners, as well as the primary creditors and foreign investors in Morocco. We offer trade promotion assistance to U.S. companies through a range of services and programs. UK and Morocco trade The UK is one of Morocco’s oldest partners with 2013 marking 800 years of diplomatic relations. Overview: This page contains the latest international trade data for Tunisia, including service trade data, and tariffs.In 2018 Tunisia was the number 96 economy in the world in terms of GDP (current US$), the number 79 in total exports, the number 78 in total imports, and the number 64 most complex economy according to the Economic Complexity Index (ECI). During the last five years the imports of Morocco have decreased at an annualized rate of -3.1%, from $43.6B in 2012 to $37.4B in 2017. The PGI of a product is the level of income inequality that we expect for the countries that export a product. Morocco is Russia’s main trade partner on the continent and its exports include citrus fruit, vegetables and frozen sardines. The most recent exports are led by Cars which represent 10.5% of the total exports of Morocco, followed by Mixed Mineral or Chemical Fertilizers, which account for 6.83%. In still ancient, but more recent, history Morocco has been occupied by the Romans, Vandals, Visigoths, and Byzantines. Free Trade Agreement. 2. In November, Morocco announced a free trade agreement with Russia. For more information see: Linking Economic Complexity, Institutions and Income Inequality and The structural constraints of income inequality in Latin America. Morocco Trade Last Previous Highest Lowest Unit; Balance of Trade -8582.00-8570.00 … In October, Morocco and India signed agreements designed to encourage more trade between the two nations. This treemap shows the cultural exports of Morocco, as proxied by the production of globally famous historical characters. The most memorable people born within the present day boundries of Morocco include Ibn Battuta, Tariq ibn Ziyad, Jean Reno, Hassan II of Morocco, Just Fontaine, Abd el-Krim, Abdelaziz Bouteflika, Ismail Ibn Sharif, Mohammed V of Morocco and Alain Badiou. Morocco and the rest of North Africa were drawn into the emerging Mediterranean world by the Phoenicians as they established settlements and t… Historic evidence suggests that Morocco has been inhabited by humans since the Paleolithic era of prehistoric times. Our Commercial Specialists will help you do business in Morocco by identifying trade opportunities, find local business partners, promote your products and services, obtain valuable market research reports, and protect your IPR. Analysis of Morocco’s Trade Policy : Impact of Morocco’s Tariff Policy on its Position as a Hub for the Rest of Africa Executive Summary Morocco remains firmly moored to the European market which remains the Kingdom’s main trading partner, accounting for 67% of the country’s exports, with trade The top import origins are Spain ($9B), France ($4.64B), China ($3.14B), Germany ($2.34B) and Italy ($2.11B). The U.S. goods trade surplus with Morocco was $1.9 billion in 2019. The economy of Morocco has an Economic Complexity Index (ECI) of -0.892 making it the 99th most complex country. During the last five years the exports of Morocco have decreased at an annualized rate of -0.1%, from $25.2B in 2012 to $24.9B in 2017. As compared to their trade balance in 1995 when they still had a negative trade balance of $2.03B in net imports. That negative trade balance represents a -19.6% decrease from the -$47.7 billion in red ink one year earlier. Morocco's relationships vary greatly between African, Arab, and Western states. Explore on Visualizations page Morocco - Market OverviewMOR - Market Overview Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements. Morocco has had strong ties to the West in order to gain economic and political benefits. Buying and selling are essential for any country to develop its economy and maintain good relations with other nations. The EFTA States signed a Free Trade Agreement with Morocco in Geneva, Switzerland, on 19 June 1997. All Rights Reserved. In terms of total intra-Africa trade (exports + imports) the main African trading partners are Algeria (21% of total intra-Africa trade), Egypt (15%), Tunisia (9%) and Senegal (5%). Countryaah.com © 2020. Inflation stands at around four percent and unemployment at around nineteen percent. That dollar amount reflects a 32.2% increase since 2015 and a 0.1% uptick from 2018 to 2019. If seen as a single entity, the EU is by far Morocco's largest trading partner. Spain incurred an overall -$38.3 billion trade deficit during 2019. This agreement is the only U.S. FTA on the continent of Africa. Restaurants in Rabat Morocco’s Free Trade Agreement (FTA) with the United States entered into force in 2006. Morocco Trade Statistics. Trading partners of Morocco Africa Has Diverse resources ready for exploitation including Minerals, Forests, Raw Materials, Wildlife and 1 Billion welcoming People. In a nutshell the main industries in Morocco are phosphate rock mining and processing, food processing, leather goods, textiles, selling of arts and crafts, construction, and tourism. In 2017 Morocco imported $37.4B, making it the 55th largest importer in the world. 26. Rabat – New statistics confirm that Spain remains Morocco’s top trade partner. Morocco Trade Last Previous Highest Lowest Unit; Balance of Trade -8582.00-8570.00-1254.60-23012.00: MAD Million: Current Account In addition, Morocco is a member of various regional trade agreements such as the Arab Maghreb Union (AMU), the Greater Arab Free Trade Area (GAFTA), and the Arab-Mediterranean Free Trade Agreement known as … The Agreement entered into force on 1 July 1999. Alliance project in Morocco expands as partners raise their ambitions for trade facilitation. The top export destinations of Morocco are France ($5.57B), Spain ($5.46B), Germany ($1.16B), Italy ($1.13B) and the United States ($1.09B). Find exceptional and creative UK trade partners with DIT’s Find a Supplier service on great.gov.uk. The EU’s European Neighborhood Policy (ENP), which aims to bring its neighbors and the EU closer, includes Morocco. Moroccan trade is still dominated by its main import and export partner France, although France's share in Moroccan trade is declining, in favour of the US, the Persian Gulf region and China. The agreement was signed by Vice President of CCCME Liu Chun on behalf of the Chinese chamber of commerce and the General … Morocco is a member of the World Trade Organization, which has stipulated that tariffs on goods be lifted. Morocco’s main trading partners are France and Spain. The EU-Morocco Association Agreement, which covers industrial goods, entered into force on March 1, 2000, and applies to U.S. companies located in Morocco. The U.S. - Morocco FTA is comprehensive and includes chapters detailing commitment on intellectual property rights, labor, and … In 2017 the GDP of Morocco was $109B and its GDP per capita was $8.22k. HS Code Export USD$ (85) Electrical Machinery: $5,298,806,710 That dollar amount reflects a 32.2% increase since 2015 and a 0.1% uptick from 2018 to 2019. Trading partners of Morocco Africa Has Diverse resources ready for exploitation including Minerals, Forests, Raw Materials, Wildlife and 1 Billion welcoming People. Exports in Morocco increased to 25916 MAD Million in October from 25569 MAD Million in September of 2020. As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. The product space is a network connecting products that are likely to be co-exported and can be used to predict the evolution of a countryâs export structure. In 2017 Morocco exported $24.9B, making it the 67th largest exporter in the world. Morocco is the 67th largest export economy in the world and the 99th most complex economy according to the Economic Complexity Index (ECI). Relation. Updated October 31, 2019. Morocco’s major exports to India are rock phosphates and phosphoric acid. The most common birth places of memorable people born within the present day boundries of Morocco include Casablanca, Fez, Morocco, Rabat, Marrakesh, Morocco, Tangier, Oujda, Meknes, Safi, Morocco and Tétouan. As of 2017 Morocco had a negative trade balance of $12.5B in net imports. Morocco. Understanding the business environment through key figures of international trade providing info on the degree of openness to the outside: the share of imports and exports of goods and services in GDP, trade balance, current account, the main trading partners, the main products traded. 1. Morocco has a population of 36 million people and a gross domestic product (GDP) of $1017.9 billion. MOROCCO – Morocco’s Bank of Africa (BMCE Group) has signed a partnership agreement with the Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCME) to boost trade between the two countries.. 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