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China-Africa Trade Information Service
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China-Africa Trade Information Service
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Morocco's service exports reached a substantial $25 billion in 2023, marking a 16% increase compared to the previous year, according to the latest report by the World Trade Organization (WTO).
This growth rate is the highest among the top three African nations in the global service export rankings.
Morocco climbed to the 29th spot in the global rankings of service exports in 2023, a significant leap from its previous position. This progress highlights Morocco’s successful strategy to expand its service sector amidst a challenging global economic landscape.
The North African country’s climb in the global rankings reflects its successful diversification of exports beyond traditional sectors. The government’s focus on enhancing its service sector has proven effective, positioning Morocco as a competitive player in the international market.
Other African Nations in the Top 40
Alongside Morocco, two other African countries have made strides in the global service export sector. Egypt leads African countries with a 27th place in the global rankings.
In 2023, Egypt’s service exports totaled $32 billion, driven largely by its tourism sector and revenues from the Suez Canal. The country’s service exports increased by 13% from the previous year.
South Africa, despite facing economic and political challenges, maintains its position as the third-largest African exporter of services. The nation ranked 39th globally with service exports amounting to $14 billion.
Published in early August, the report noted that global trade in goods and commercial services fell by an average of 2% to $30.5 trillion, based on balance of payments data.
Trade in goods saw a 5% decrease, while trade in services grew by 9%. Consequently, the proportion of goods in global trade dropped from 77.8% in 2022 to 75.3% in 2023, while the share of services increased from 22.2% to 24.7%.
This shift in trade dynamics, occurring four years after the onset of the COVID-19 pandemic, reflects a return to the trade patterns seen in 2019, according to the report.
