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Morocco's Commercial Transactions with Europe Hits $50 Billion in 2020

Morocco's Commercial Transactions with Europe Hits $50 Billion in 2020

Saturday, 24 July, 2021 - 10:15
Europe ranked Morocco's first trading partner with a 66 percent share of trade transactions last year (Reuters)

Morocco's commercial transactions with Europe reached 451.9 billion dirhams ($50 billion) in 2020, marking an 11.5 percent drop compared to 2019, according to the Exchange Office.

The Office issued its annual report on foreign trade, indicating that despite the 90 percent decline in trade with European Union (EU), Europe remains Morocco's leading trade partner with a share of 66 percent in total trade in 2020 compared to 65.8 percent a year earlier.

Morocco witnessed a decline in trade with the majority of European countries, namely Spain (-12.4 percent), France (-11.6 percent), and Italy (- 15.2 percent). Meanwhile, trade with Russia, Ukraine, and Denmark recorded respective increases of 9.4 percent, 15.2 percent, and 26.2 percent.

Trade with Asia, which is 17.1 percent of total transactions, fell by 10.9 percent.

According to the report, 84 percent of the drop was due to a decline in trade with UAE (-3.9 billion dirhams) and Saudi Arabia (-3.3 billion dirhams), India (-1.6 billion dirhams), Singapore (-1.5 billion dirhams), Korea (-1.5 billion dirhams) and Japan (-1.5 billion dirhams).

At the same time, trade with the US fell by 10.3 percent, with the United States (-24.3%), Mexico (-34.8%), and Argentina (-0.9 billion dirhams). Trade with Brazil increased 27.8 percent, partially offset the reduction in dealing with other countries in America.

The Office indicated that trade with Africa has continued to decline since 2019 to reach 35.6 billion dirhams, down 10 percent. The decrease in trade exchange is mainly recorded with Algeria, Togo, and Egypt.

As for trade with Oceania, it remains limited and represents 0.2 percent with a growth rate of 25.4 percent, mainly due to the growth of trade with Australia by 38.9 percent.

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