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Thursday, May 30, 2024

Total Morocco-Germany Trade Reached almost €5Bln in 2022

The total trade between Germany and Morocco reached 4.9 billion euros in 2022, according to the German Chamber of Commerce and Industry in Morocco (AHK Morocco).

“2022 marks a milestone for Morocco-Germany economic cooperation, which is now taking on a new dimension,” the AHK Morocco said in a statement.

“Thus, total German-Moroccan bilateral trade reached 4.9 billion euros in 2022, placing the Kingdom 57th in the global ranking of Germany’s economic partners, ahead of Tunisia (58th) and Algeria (62nd),” the AHK Morocco said in a statement.

For this “record year that puts all indicators in the green to start the year 2023 under the best auspices,” German exports to Morocco have reached 2.8 billion, up 30% compared to 2021, said the same source, noting that this is a considerable progress, among the strongest compared to other countries.

This remarkable result is also supported by a robust increase in Moroccan exports to Germany, up 32% compared to 2021, equivalent to a value of 2.1 billion euros.

“German-Moroccan economic relations remain on the fast track. The trade figures for 2022 clearly show that this growing interest is increasingly reflected in the realization of agreements and projects that generate benefits for both partners,” said AHK Morocco Director General Andreas Wenzel, as quoted in the release.

He further explained that “even if a large part of the increase in world trade in 2022 is due to inflation [14.6% for German exports and 26.3% for German imports], our trade relations are growing significantly, with more than 30% in both directions.”

“In the ranking of Germany’s most important export markets, Indonesia and Vietnam are in the top 50, ahead of Morocco. There is still a lot to do, but if the momentum continues, it is not unrealistic to consider being in the top 50 as early as 2023,” he added.

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