In a significant turn of events, Spain has lost its historical trade advantage with Morocco in 2025. For the first time, the value of products imported from Morocco has surpassed that of Spanish exports to the Moroccan market, resulting in a trade deficit of approximately €3 billion, according to United Nations data cited by the Spanish media outlet, The Objective.
This development marks a departure from several decades of Spanish trade surplus with Morocco. As reported by The Objective, it reflects the growth of Moroccan exports in recent years amidst the kingdom's economic development. María Ángeles Ruiz Ezpeleta, a professor at EAE Business School, attributes this evolution primarily to Morocco's internal growth rather than a deterioration in bilateral relations. She notes a "mutual dependency," albeit one that is more pronounced on Morocco's side given Spain's more diverse range of trade partners. Notably, Spain accounts for roughly one-fifth of Morocco's exports and imports, highlighting this interconnectedness.
Shifting Dynamics: Gas and Electrical Cables
The nature of the trade between the two countries has also evolved. According to the economist, the primary product that Spain exports to Morocco, in terms of value, is liquefied gas. Conversely, Morocco's main exports to Spain consist of cables and electrical components. Ruiz Ezpeleta suggests that the changes observed in 2025 are not directly tied to the political relations between the two nations, particularly regarding the tensions surrounding Ceuta. Instead, she emphasizes the remarkable global growth of Moroccan exports. Over the past three years, Morocco has reportedly "almost doubled its exports," particularly in agricultural products that were previously less prominent, such as olive oil and argan oil used in perfumery.
Historically, Morocco imported more agricultural-related products, but it now exports more than it imports, contributing to the reversal of its trade balance with Spain, as highlighted in the analysis from The Objective.
A Trade Deficit Emerges in 2025
The figures presented by the economist illustrate this shift effectively. In 2024, the trade balance between Spain and Morocco remained positive, with Moroccan exports to Spain valued at around €16 billion compared to €18 billion in Spanish imports from Morocco. However, the situation reversed in 2025, with Morocco exporting €19.6 billion worth of goods to Spain while imports from Spain totaled €16.5 billion. This shift has created a favorable balance for Morocco, with a margin of approximately €3.1 billion.
Maria Ángeles Ruiz Ezpeleta expresses doubt that Spain will quickly regain its previous trade surplus. She emphasizes that between 2023 and 2025, Moroccan exports have significantly increased, particularly as the kingdom has strengthened its sales towards neighboring markets. This growth is also attributed to advancements in the processing of agri-food products. Improvements in olive oil production and agriculture have facilitated better access to the European single market, as exports of these products were previously limited by European standards.
As reported by maghrebemergent.news.
