Image from OceanHub
Morocco uses a borderline with Europe and relatively low labor costs to build a diversified, open, market-oriented economy.
Key sectors of the economy include
agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents.
Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness.
In the 1980s, Morocco was a heavily indebted country before pursuing austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King MOHAMMED VI has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment, although poor harvests and economic difficulties in Europe contributed to an economic slowdown.
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. In late 2014, Morocco eliminated subsidies for gasoline, diesel, and fuel oil, dramatically reducing outlays that weighed on the country’s budget and current account. Subsidies on butane gas and certain food products remain in place. Morocco also seeks to expand its renewable energy capacity with a goal of making renewable more than 50% of installed electricity generation capacity by 2030.
The Gross Domestic Product (GDP) in Morocco was worth 118.50 billion US dollars in 2018. The GDP value of Morocco represents 0.19 percent of the world economy. GDP in Morocco averaged 38.11 USD Billion from 1960 until 2018, reaching an all time high of 118.50 USD Billion in 2018 and a record low of 2.03 USD Billion in 1961.
Morocco is the 67th largest export economy in the world and the 99th most complex economy according to the Economic Complexity Index (ECI). In 2017, Morocco exported $24.9B and imported $37.4B, resulting in a negative trade balance of $12.5B. In 2017 the GDP of Morocco was $109B and its GDP per capita was $8.22k.
The top exports of Morocco are Cars ($2.62B), Mixed Mineral or Chemical Fertilizers ($1.7B), Insulated Wire ($1.53B), Non-Knit Women's Suits ($1.33B) and Phosphoric Acid ($1.01B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Refined Petroleum ($3.13B), Cars ($1.81B), Petroleum Gas ($1.27B), Vehicle Parts ($1.14B) and Wheat ($744M).
The top export destinations of Morocco are France ($5.57B), Spain ($5.46B), Germany ($1.16B), Italy ($1.13B) and the United States ($1.09B). The top import origins are Spain ($9B), France ($4.64B), China ($3.14B), Germany ($2.34B) and Italy ($2.11B).
Morocco borders Algeria, Western Sahara, Mauritania and Spain by land and Portugal by sea.
In 2017 Morocco exported $24.9B, making it the 67th largest exporter in the world. During the last five years the exports of Morocco have decreased at an annualized rate of -0.1%, from $25.2B in 2012 to $24.9B in 2017. The most recent exports are led by Cars which represent 10.5% of the total exports of Morocco, followed by Mixed Mineral or Chemical Fertilizers, which account for 6.83%.
The top import origins of Morocco are Spain ($9B), France ($4.64B), China ($3.14B), Germany ($2.34B) and Italy ($2.11B).
Product Space
What does China import from Morocco? (2017) Total: $631M
-Integrated Circuits(23%)
-Zinc Ore(12%)
-Copper Ore(10%)
-Semiconductor Devices(7.8%)
-Non-Knit Women's suits （6.8%）
-Lead Ores(6%)
-Non-knit Active Wear(2.3%)
-Non-Knit Women's Shirts(2.2%)
-Manganese Ore(2.0%)
-Non-Knit Men's Suits(2.2%)
-Non-Knit Women's Coats(1.8%)
-Insulated Wire(1.7%)
-Precious Metal Ore (1.6%)
-Animal Meal and Pellets(1.4%)
-Calcium Phosphates (1.3%）
