Morocco Achieves Trade Surplus With Madrid
During the year 2025, trade exchanges between Morocco and Spain experienced an unprecedented shift, with Morocco recording its first-ever trade surplus, surpassing the previous surplus held by Spain. Morocco’s exports to Spain reached €19.6 billion, while its imports from Spain decreased to €16.5 billion, resulting in a surplus of over €3 billion for Morocco. This development reflects the expansion of Moroccan exports, particularly in industrial and agricultural products such as olive oil and argan oil, alongside increased presence of agricultural and food products in the European market. Additionally, industries linked to production chains have developed. While Spain relies on the export of liquefied natural gas, its ability to regain a trade surplus with Morocco is diminishing due to the limited growth of its gas exports compared to the rapid growth of Moroccan exports. This shift indicates that Morocco is achieving increased export capacity and diversification of its products aimed at the European market, which could lead to a transformation in the trade relationship between the two countries, with current trends favoring the strengthening of Moroccan exports and a reduction in Spain’s previous dependence on that market.
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