Portugal and Morocco

Morocco – Trade in Goods and Services

Morocco represents an important market for Portuguese international trade in goods and services, occupying 14th place in the customer ranking in 2016, with a share of 1.0% in exports. As a supplier, Morocco's share does not exceed 0.3%.

Morocco's Share in Portuguese International Trade in Goods and Services


Source: Banco de Portugal

The trade balance in goods and services between Portugal and Morocco is traditionally favourable to our country, with the balance reaching EUR 538.5 million in 2016 (+12.9% compared with the previous year). It should be noted that in the 2012-2016 period, the average annual growth of exports and imports was 14.9% and 1.4%, respectively.
One aspect to highlight in trade with Morocco is the fact that exports are fundamentally made up of goods, with a smaller imbalance in terms of imports.

Portugal's Trade Balance in Goods and Services with Morocco



Source: Banco de Portugal Notes: (a) Arithmetic mean of the annual growth rates in the 2012-2016 period; (b) Year-on-year change rate 2015-2016. Due to methodological differences in calculation, the value relating to "Goods and Services" does not correspond to the sum ["Goods" (INE) + "Services" (Banco de Portugal)]. Goods component based on INE data, adjusted to fob values
 

Portugal – International Trade

According to Banco de Portugal data, over the last five years, exports and imports of goods and services recorded average annual growth rates of 4.2 and 2.9%, respectively.

In the 1st half of 2017, exports of goods and services rose by 12.6% compared with the same period of the previous year, and imports grew by 14.2%, with the coverage ratio reaching 101.8%. The balance of trade in goods and services was positive over the last five years, reversing the negative trend recorded previously.

Portuguese International Trade - Trade in Goods and Services (a)



Sources: Banco de Portugal (Trade in Goods and Services) Notes: (c) Arithmetic mean of the annual growth rates in the 2012-2016 period; (d) Year-on-year change rate 2016-2017 (2016 - provisional results; 2017 - preliminary results)

As the main destination for exports of goods, the EU remains in place (74.5% of the total in the 1st half of 2017, up 8.7% compared with the same period in 2016), followed by North America (5.8%), Asia (4.9%), the PALOP countries (4.3%), Africa excluding the PALOP countries (3.6%), Central and South America (2.7%), and non-EU Europe (2.6%).
The EU was the source of most imported products with 75.9% of the total in the 1st half of 2017, followed by Asia (9.1%), Central and South America (3.3%), North America (1.9%), Africa excluding the PALOP countries (1.9%), non-EU Europe (1.6%) and the PALOP countries (1%).

Source: AICEP Portugal Global (Morocco - Market Sheet; Portugal - Country Sheet)