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Morocco maintained a trade surplus with Africa in 2024, though it declined significantly to 7.2 billion dirhams from 12.6 billion dirhams the previous year, according to the Foreign Exchange Office’s annual report on Morocco’s foreign trade.
The deterioration stems primarily from an increased trade deficit with Egypt, which widened by 3 billion dirhams, combined with reduced surpluses with Côte d’Ivoire (down 1.5 billion dirhams) and Djibouti (down 1.3 billion dirhams). These shifts highlight changing dynamics in Morocco’s intra-African trade relationships.
Global trade patterns reveal mixed results across regions. Morocco’s trade surplus with Oceania improved to 3.8 billion dirhams from 2 billion dirhams, driven by doubled surplus with Australia. However, challenges persist in other markets, particularly Asia.
The Asian trade deficit worsened by 15.7 billion dirhams to reach 152.5 billion dirhams in 2024, primarily due to China where the deficit expanded by 13.8 billion dirhams. Chinese imports to Morocco surged by 14.2 billion dirhams while exports increased only 448 million dirhams, reflecting structural imbalances.
Trade with the Americas showed similar deterioration, with the deficit growing 4.9 billion dirhams to 66.5 billion dirhams. The United States accounted for most of this decline, as imports jumped 10.5 billion dirhams, widening the bilateral deficit by 9.4 billion dirhams.
European trade relations offered some positive developments. While maintaining a deficit of 103.2 billion dirhams, the overall balance improved. Morocco’s surplus with France increased by 4 billion dirhams, and Lithuania shifted from a 3.2 billion dirham deficit to an 82 million dirham surplus. These improvements partially offset Spain’s worsening deficit, which grew by 2.9 billion dirhams.
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