The growing volume of trade exchanges and the expansion of economic cooperation between Morocco and Germany predict a promising future for their bilateral relations.
The volume of trade between Morocco and Germany reached €1.5 billion in the first quarter of 2023, representing an increase of 32.6% compared to the same period in 2022, according to the German Chamber of Commerce and Industry in Morocco ( AHK).
The report, prepared from data obtained from the German Chamber of Commerce and Industry (DIHK), highlights that Germany's imports from Morocco during the period from January to March 2023 amounted to 691 million euros. This figure represents a notable increase of 36.1% compared to the same period in 2022.
Morocco has secured its position as the 52nd largest exporter to Germany, showing its growing importance in the German market, AHK noted.
In particular, German exports to Morocco have also experienced a substantial increase, totaling 874 million euros in the first quarter of 2023. This growth of 29.9% compared to the same period in 2022 places Morocco as the 50th importing country of Germany, which further underlines the mutual economic cooperation between both nations.
The AHK emphasized the evolving nature of economic collaboration between Morocco and Germany, stating that Morocco has become an important trading partner offering mutually beneficial trade and investment opportunities.
“These figures reflect a dynamic and growing economic cooperation between the two countries,” stated the AHK, adding: “Morocco is positioned as an important trading partner for Germany, offering “mutually beneficial trade and investment opportunities.”
Claudia Schmidt, Deputy General Director of AHK Morocco, expressed her enthusiasm for the positive growth reflected in the trade figures, stating that the trade data for the first quarter of 2023 shows a “clear increase” compared to 2022.
Trade data for the first quarter of 2023 shows a “clear increase” compared to 2022, he said, adding that German exports to Morocco have increased by almost 30%, and German imports from Morocco have increased by 36.1% in Q1-2023 compared to Q1-2022.
Furthermore, Schmidt drew attention to the considerable increase in German direct investment in Morocco, which experienced a notable increase of 25.7% from 2020 to 2021, reaching 1.5 million euros in 2021.
"These encouraging results open new perspectives for the development of trade relations between Morocco and Germany in 2023," concluded the AHK.
The growing trade volume and the expansion of economic cooperation between Morocco and Germany mean a promising future for their bilateral relations.
The two countries decided to strengthen their diplomatic and economic ties at the end of 2021, after the German government expressed its support for Morocco's Autonomy Plan as a viable path to a lasting solution to the Western Sahara dispute.