Europe remains Morocco's main trading partner, with a 63.2% share of total merchandise transactions in 2023, compared with 58.8% in 2022, according to the Office des Changes. Trade with Europe amounted to 724.8 billion dirhams (billion dirhams (MAD)) in 2023, compared with 685.8 billion dirhams (MAD), an increase of 5.7%. By country, trade is mainly with Spain (28.9%), France (22.5%), Italy (7.8%), Germany (7.4%) and Turkey (6.7%), according to the same source. In its annual report on Morocco's foreign trade for 2023, the Office points out that 86.5% of this trade is with European Union countries. Morocco's trade with Asia fell by 15.8% in 2023. Their share of total trade falls from 22.1% in 2022 to 18.9% in 2023. This is mainly due to the decline in trade with Saudi Arabia (-49.1%) and India (-33.7%). China remains Morocco's leading Asian partner, with a 36.7% share in 2023 (+30% on 2022). Trade with America also fell by 6.7% in 2023. This is mainly due to lower trade with Argentina (-45.7%) and Trinidad and Tobago (-57.6%). Trade with Africa also declined in 2023, from 64.4 billion dirhams (MAD) to 52.7 billion dirhams (MAD). Egypt remained Morocco's main African partner for the fifth year running, followed in 2023 by Djibouti, Morocco's third most important partner in 2022. Trade with Oceania remains limited, accounting for 0.3% of total trade. They rose by 564 million dirhams (MDH), generated by a 962 MDH increase in trade with Australia, offset by a 426 MDH drop in trade with New Zealand.
