The economic cooperation between Morocco and Spain is not yesterday's news, these two neighboring partners are bound by a historical and strategic partnership which is called to further take advantage of Spain's new position.

Spanish Government President Pedro Sánchez's visit to Morocco, upon the invitation of HM King Mohammed VI, will open a new chapter in the history of economic relations between the two neighboring countries in the spirit of serving the prosperity of both peoples.

The Kingdom and its Iberian neighbor are thus more determined than ever to work together to meet new challenges and give new impetus to their economic cooperation and the dynamics of their bilateral trade.

The Spanish Minister of Foreign Affairs, European Union and Cooperation, José Manuel Albares, had stressed recently, during a press conference in Barcelona, that Morocco and Spain are linked by more than 16 billion euros of trade and that Morocco is the third economic partner of Spain outside the EU.

Spanish exports to Morocco have increased by 29% in 2020/2021, he said, before adding that 17,000 Spanish companies have trade relations with Morocco and 700 are established in the neighboring country.

In addition, according to recent data from the Office of Foreign Exchange, CIF imports from Spain reached at the end of September 2021 more than 60.36 billion MAD, while FOB exports to Spain amounted to more than 53.21 billion MAD during the same period.

Bilateral trade between Morocco and Spain has thus continued to increase in recent years, despite the pandemic crisis and its repercussions.

According to data published by the economic and trade office of the Spanish Embassy in Rabat, trade between the two countries amounted to about 16.8 billion euros (180 billion MAD) during the last year. They have been steadily increasing for at least the last decade with annual growth rates above 10% since 2011.

Morocco has exported about 7.3 billion euros to Spain, up 14.6% over last year, while the Kingdom's imports from Spain have amounted to 9.5 billion euros (+29.2%).

In 2020, exports to Spain had reached 6.37 billion euros (against 6.96 billion euros in 2019), while imports amounted to 7.35 billion euros (against 8.45 billion euros in 2019).

It is also worth noting the increase in the range of Moroccan exports to Spain in recent years, reflecting the modernization of the national productive fabric. In 2021, Moroccan exports to the Iberian country were composed mainly of electrical distribution equipment, cars, clothing, fish and fruit.

Imports are mainly non-electrical machinery, tools and mechanical appliances, building materials, vegetable oils and cars.

The economic cooperation between Morocco and Spain is now promised to a bright future in the image of the determination of both countries to breathe new life into their bilateral relations, through a solid partnership and promising prospects in several sectors of the economies of both partners.