That calculated dollar amount reflects a 71.4% increase compared to $27.7 billion five years earlier in 2020.
Year over year, the total value of Moroccan exports gained 11.8% from $42.5 billion starting from 2023.
Based on the average exchange rate for 2024, the Moroccan dirham depreciated by -1.9% against the US dollar from 2023 to 2024. Morocco’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers starting with American currency.
Morocco’s Most Valuable Trading Partners
The latest available country-specific data from 2023 shows that 73.5% of products exported from Morocco was bought by importers in: Spain (22.5% of the Moroccan total), France (20.5%), Italy (5.2%), United Kingdom (4.5%), Germany (4.3%), United States of America (3%), India (2.87%), Brazil (2.84%), Türkiye (2.75%), Netherlands (2.2%), Portugal (1.6%) and Belgium (1.3%).
From a continental perspective, 70.5% of Morocco’s exports by value was delivered to European countries while 12.3% was sold to importers in Asia. Morocco shipped another 7.7% worth of goods to Africa.
Smaller percentages went to customers in North America (4.5%), Latin America (4.4%) excluding Mexico but including the Caribbean, then Oceania (0.7%) led by Australia and New Zealand.
Given Morocco’s population of 37.4 million people, its total $47.5 billion in 2024 exports translates to roughly $1,275 for every resident in the northwest African country. That dollar metric surpasses the average $1,150 per capital one year earlier during 2023.
Morocco’s Top 10 Exports
The following export product groups represent the highest dollar value in Moroccan global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Morocco.
- Electrical machinery, equipment: US$9.3 billion (19.6% of total exports)
- Vehicles: $8.8 billion (18.6%)
- Fertilizers: $5.4 billion (11.3%)
- Clothing, accessories (not knit or crochet): $4.5 billion (9.5%)
- Vegetables: $2.8 billion (5.8%)
- Fruits, nuts: $2.7 billion (5.7%)
- Knit or crochet clothing, accessories: $1.7 billion (3.6%)
- Fish: $1.6 billion (3.3%)
- Inorganic chemicals: $1.5 billion (3.2%)
- Salt, sulphur, stone, cement: $1.1 billion (2.4%)
Morocco’s top 10 export product categories generated over four-fifths (83.1%) of the overall value of its global shipments.
Knitted or crocheted clothing and accessories represents the fastest grower among the top 10 export categories, up by 91.3% from 2023 to 2024.
In second place for improving export sales was unknitted and non-crocheted clothing and accessories via a 54.3% advance.
Morocco’s shipments of fruits and nuts posted the third-fastest gain in value, up by 52.8%.
The leading decliner among Morocco’s top 10 export categories was fish, pulled down by a -6.2% year-over-year drop.
At the more detailed four-digit Harmonized Tariff System (HTS) code level, in 2024 Morocco’s most valuable exported products were cars (14.5% of Morocco’s global total), insulated wire or cable (11.5%), fertilizer mixes (9.4%), unknitted and non-crocheted women’s clothing (4.4%), fresh or chilled tomatoes (3.5%), automobile parts or accessories (3.1%), natural calcium or aluminum phosphates (3%), phosphoric and polyphosphoric acids (also 3%), moluscs (2.3%) then phosphatic fertilizers (1.9%).
Products Attracting Biggest Trade Surpluses for Morocco
The following types of Moroccan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Fertilizers: US$5.2 billion (Up by 1% since 2023)
- Clothing, accessories (not knit or crochet): $4.3 billion (Up by 62.3%)
- Vehicles: $2.57 billion (Up by 77.8%)
- Vegetables: $2.56 billion (Up by 59.1%)
- Electrical machinery, equipment: $2.4 billion (Up by 452.6%)
- Fruits, nuts: $2.3 billion (Up by 94.3%)
- Knit or crochet clothing, accessories: $1.5 billion (Up by 136.2%)
- Fish: $1.3 billion (Down by -4.5%)
- Salt, sulphur, stone, cement: $804.1 million (Up by 281.6%)
- Inorganic chemicals: $732.8 million (Up by 417.5%)
Morocco has highly positive net exports in the international trade of fertilizers. In turn, these cashflows indicate Morocco’s strong competitive advantages under the fertilizers product category.
Products Causing Worst Trade Deficits for Morocco
Morocco incurred an overall -US$14.9 billion product trade deficit for 2024, shrinking by -47.3% from -$28.2 billion in red ink one year earlier.
Below are exports from Morocco that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Morocco’s goods trail Moroccan importer spending on foreign products.
- Machinery including computers: -US$6.7 billion (Up by 14.9% since 2023)
- Mineral fuels including oil: -$6.3 billion (Down by -45.6%)
- Plastics, plastic articles: -$2.9 billion (Up by 11.9%)
- Cereals: -$2.1 billion (Down by -28.4%)
- Articles of iron or steel: -$1.41 billion (Up by 20.5%)
- Iron, steel: -$1.34 billion (Down by -22.2%)
- Optical, technical, medical apparatus: -$1.14 billion (Up by 21.9%)
- Aircraft, spacecraft: -$1.13 billion (Up by 152.2%)
- Organic chemicals: -$903.6 million (Up by 85.8%)
- Sugar, sugar confectionery: -$870.5 million (Up by 40.4%)
Morocco has highly negative net exports and therefore deep international trade deficits under the mineral fuels including oil category historically for refined petroleum oils, petroleum gas, coal then petroleum coke including other residues from petroleum oil.
Moroccan Export Companies
Three Moroccan regional banks rank among Forbes Global 2000, namely:
- Attijariwafa Bank
- Banque Centrale Populaire
- BMCE Bank
Wikipedia lists some exports-related companies headquartered in Morocco. Selected examples are shown below.
- Akwa Group (oil, gas)
- Compagnie Marocaine de Navigation (shipping)
- Laraki (automobiles)
- Les Domaines Agricoles (agribusiness)
- Med Airlines (cargo airliner)
- Nareva (oil, gas)
- Office Chérifien des Phosphates (phosphate)
- Société Automobiles Ménara (automobiles)
- Somaca (automobiles)
- Sonasid (steel)
In macroeconomic terms, Morocco’s total exported goods represent 11.9% of its overall Gross Domestic Product for 2024 ($398.3 billion valued in Purchasing Power Parity US dollars). That 11.9% for exports to overall GDP in PPP for 2024 compares to 11.1% for 2023. This suggests a relatively decreasing reliance on products sold on international markets for Morocco’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Morocco’s unemployment rate averaged 13.3% for 2024, up from an average 13% in 2023 per International Monetary Fund statistics.
Morocco’s capital city is Rabat.
See also Morocco’s Main Imported Products, South Sudan’s Top 10 Exports, Somalia’s Top 10 Exports and Spain’s Top Trading Partners, Nigeria’s Top 10 Imports and South Africa’s Top 10 Exports
Research Sources:
Central Intelligence Agency, Africa: Morocco. Accessed on May 4, 2025
EXCHANGE-RATES.org Moroccan Dirham (MAD) to US Dollar, Exchange Rate History. Accessed on May 4, 2025
FlagPictures.org, Flag of Morocco. Accessed on May 4, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 4, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 4, 2025
Investopedia, Net Exports Definition. Accessed on May 4, 2025
Trade Map, International Trade Centre. Accessed on May 4, 2025
Wikipedia, Gross domestic product. Accessed on May 4, 2025
Wikipedia, List of Companies of Morocco. Accessed on May 4, 2025
Wikipedia, Morocco. Accessed on May 4, 2025
Wikipedia, Purchasing power parity. Accessed on May 4, 2025