The BRICS alliance, composed of Russia, China, India, South Africa, and Brazil, has seen a notable rise of trade with Morocco amounting to 30%, according to data gathered by MoroccoLatestNews AR.
Morocco’s trade with Russia reached about MAD 23.7 billion in 2022. Imports from Moscow were valued at MAD 22.8 billion, up by 25.4%.
Exports experienced a significant decline to MAD 905 million, dropping by 46.8%. Morocco’s primary reliance on Russia for fuel, with imports totaling around MAD 6.4 billion last year, up from MAD 2.4 billion in 2021.
The country’s exports to Russia mainly comprised acids, accounting for over half of total exports at about MAD 571 million. Russia aims to establish a presence in Africa, as evident in its exploration of a free trade zone project in North Africa to facilitate trade.
Trade between Rabat and India reached MAD 41.1 billion in the previous year, showing ongoing development.
Morocco’s exports to India amounted to around MAD 27.2 billion last year, marking a significant 68% yearly increase. On the other hand, imports totaled about MAD 14 billion.
Morocco maintains a positive trade balance with India, amounting to about MAD 13.2 billion. This surplus is largely attributed to Morocco’s exports of phosphates, phosphoric acid, natural, and chemical fertilizers.
Trade between Rabat and Brazil reached MAD 30.3 billion last year, resulting in a trade surplus of about MAD 4.1 billion for Morocco
Morocco’s exports to Brazil were MAD 17.2 billion, a 5.6% decrease, while imports increased by 72% to MAD 13.1 billion. Brazil is the second-largest trade partner for Morocco in the Americas after the United States, and Brazil tops the list of export destinations, followed by the United States, Argentina, Mexico, and Canada.
China was Morocco’s top Asian trading partner, accounting for 30% of trade last year. Trade between Beijing and Rabat has consistently grown for eleven years, reaching MAD 77.4 billion in 2022, up by 18.7%.
Morocco imported goods worth MAD 74 billion from China, a 19.5% increase, while exports reached MAD 3.3 billion, a substantial 66.1% rise, resulting in a trade deficit of around MAD 70.7 billion.
Despite tensions, South Africa remains a significant African trade partner for Morocco.
Data from the exchange office shows that trade between the two countries was about MAD 6.4 billion in 2022, including around MAD 5.5 billion of imports to Morocco from South Africa.
In 2021, trade reached around MAD 6.4 billion, with Morocco importing about MAD 5.5 billion and exporting around MAD 855 million from and to South Africa, respectively.