Spanish imports from Morocco amounted to €2.49 billion (about Dh26.69 billion) during the first quarter of 2024, a 4% increase compared to the same period last year. This is positive news for Morocco, which saw its exports to Spain outperform overall Moroccan exports (+3%) and the shrinking Spanish import market (-7.1%). For the full year 2023, Spanish imports from Morocco reached €9.03 billion, a 4% increase year-on-year. Morocco was Spain's eleventh largest supplier, accounting for 2.1% of total imports. On the other hand, Spanish exports to Morocco decreased slightly in the first quarter of 2024, reaching €3.04 billion (-6.2% compared to Q1 2023). However, 2023 saw a record high of €12.14 billion in Spanish exports to Morocco, a 3% increase over 2022. Morocco remained Spain's eighth-largest customer in 2023, accounting for 3.2% of total Spanish exports and ranking as its third-largest market outside the European Union (behind the US and UK). The coverage rate (the value of a country's exports divided by the value of its imports) fell to 122% in Q1 2024, compared to 134% in Q1 2023. This reflects a decrease in Spanish exports compared to the increase in Moroccan imports. Overall, from 2021 to 2023, Spanish exports to Morocco grew faster than imports, reversing the downward trend in the coverage rate, which reached 134.5% in 2023.
