Located in North Africa, the Kingdom of Morocco is a powerhouse when it comes to trade in fertlisers. What's more? It's the only African nation that has FTAs with 55 countries and is known as a trade-friendly economy. The country is now banking on its growing industrial might to widen its exports basket and become a mature economy.
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Spain and France have been Morocco’s largest sourcing destinations. However, the country's imports from China, Germany and Portugal have been constantly on the rise over the last few years. Morocco's proximity to Europe has meant that most of its large trading partners are in Europe. In recent years, India has also become one of its significant trade partners owing to its imports of phosphates and fertilisers.
Located in Casablanca, Morocco, Hassan II Mosque is the 13th largest mosque in the world.
I: Morocco's Imports E: Morocco's Exports
Morocco has always been an import-dependent country. The country’s trade deficit showed signs of decline in CY2015 only to rise again in CY2016. Last year, despite exports growing 3.66% y-o-y, the country's trade deficit widened further as imports increased by 11.01% y-o-y.
Moroccan economy has always been dependent on exports of chemical fertilisers and phosphates. However, in the recent years, exports of motor vehicles, insulated wire & cables, garments and seafood have also been contributing significantly to its export earnings.
Morocco’s imports rose in CY2016 fuelled by a demand for petroleum products to support its burgeoning industrial sector. Morocco is also a big importer of motor vehicles & tractors, electrical apparatus, iron and steel products and structures and cereals.
Morocco mostly exports phosphoric acid and phosphates to India. In FY2017, Morocco’s exports of the said products to India saw a drop of 26.13% y-o-y with Jordanian and Senegalese exporters of chemical fertilisers giving tough competition to their Moroccan counterparts.
Motor vehicles and accessories, electrical apparatus, pharmaceuticals, synthetic fibres and cotton comprise the largest portion of Morocco’s imports from India. Further, insecticides, fungicides and disinfectants are also imported by Morocco from India in large volumes.
Despite several trade agreements between Morocco and India, the full potential of trade between the duo is yet to be realised. Morocco though has maintained a trade surplus position with India over the last decade, mostly due to India's dependence on Morocco for phosphates and fertlisers to support Indian agriculture sector.
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