Morocco - Export Britain

Export Britain

Morocco

Find support in this market.

Capital
Rabat

Largest city
Casablanca

Administrative divisions
16 regions

Currency
Moroccan dirham (MAD)

Area
446 550 km2

Population
(2013) 33,304,400

Calling code
+212

Official language
Arabic

Latest Business Opportunities

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Ease of trading across borders

Importing a standard container of goods into Morocco requires:

7documents
19days
£527

Introduction

Morocco's economy is a diverse, open, market-oriented economy. The country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. The services sector accounts for just over half of GDP and industry, made up of mining, construction and manufacturing, is an additional quarter. To boost exports, Morocco entered into a bilateral Free Trade Agreement with the US in 2006 and an Advanced Status agreement with the EU in 2008. Despite Morocco's economic progress, the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas.

Economic snapshot (% annual growth rate)

201220132014-17
GDP 2.7 4.4 4.6
Export of goods and services 2.7 -3.2 12.6
Import of goods and services 2.0 -2.0 9.4
Inflation 1.2 1.9 2.3
Short-Term interest rates (%) 3.2 3.4 3.9
Exchange rate (per £) 13.62 12.51 12.92
Population 1.0 1.0 0.9
Source: Oxford Economics

Economic outlook

Despite the impact of recession in Europe on trade and tourism, GDP growth in Morocco picked up to an estimated 4.4% in 2013. A modest slowdown is likely this year, to just under 4%, as the impact of agricultural recovery fades, but growth is then seen returning to around 5% in 2015.

Trade outlook

Morocco has the second-largest non-oil GDP in the Arab world. In the past, Morocco relied on phosphate exports, which has declined over the recent years. The country has now emerged as an exporter of manufactured and agricultural products and its popularity as a tourism destination is growing. Morocco’s import partners include; France (16.1%), Spain (13.5%), Italy (6.5%), China (6%), Germany (5.6%), Saudi Arabia (5.4%) and Moldova (5%). Morocco’s primary trade partner continues to be France. 


SWOT analysis

Strengths
Effectively pursuing strong reforms that led to an improvement in trade logistics.
Weaknesses
Corruption. Low living standards.
Opportunities
Preferred FDI destination among African nations.
Threats
High unemployment rate.

Morocco's trade with the UK

Sector segmentation growth

Sectors to watch:
  • sector
  • sector
Manufacturing
  • manufacturing
  • manufacturing

Fastest-growing exporters into Morocco

Rank2012
1 Greece
2 Hong Kong
3 Croatia
4 Bulgaria
5 Pakistan
6 Turkey
7 India
8 China
9 Hungary
10 South Africa

Total merchandise trade - Leading import partners

Total merchandise trade - leading import partners
Opportunities for UK businesses

Morocco is situated in the north west of Africa and has a unique & strategic position. Morocco enjoys financial stability and economic reform is firmly on the Government’s agenda. UK businesses can benefit from the opportunities opening up through free trade agreements and take advantage of Morocco’s position as a gateway to Europe, Africa and the Middle East. The following sectors have been identified as best prospects for UK businesses: water management, construction and renewable energy.

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