Despite the cooling of diplomatic relations between Morocco and France, trade between the two countries experienced strong growth in 2022, with a volume of 13.4 billion euros (€bn), equivalent to 147 billion dirhams (MMDH).
According to data published by the French Ministry of Europe and Foreign Affairs, trade between Morocco and France increased by around 24% in 2022 compared to 2021. In details, exports from France to the Morocco increased by nearly 40%, to reach €6.5 billion (71.6 billion dirhams), while Morocco’s exports to France increased by around 12.1%, to reach €6.9 billion .
The trade balance between the two countries is still in favor of Morocco, underlines the same source, before specifying that it has nevertheless experienced a significant drop over the past year, reaching 432 million euros, against €1.5 billion in 2021.
On Twitter, the French Embassy in the capital, Rabat, which commented on these figures, described the Morocco-France partnership as ” exceptional » before emphasizing: « France’s foreign trade figures for 2022 once again confirm the vigor of the partnership between our two countries.”.
-Exceptional partnership- 🇫🇷🤝🇲🇦
France’s foreign trade figures for the year 2022 once again confirm the strength of the partnership between our two countries 👇 pic.twitter.com/42WhLThfo2— France in Morocco 🇫🇷🇪🇺 (@AmbaFranceMaroc) February 8, 2023
The French Ministry for Europe and Foreign Affairs notes in this respect that the year 2022 falls within a deteriorated global context, with the war in Ukraine, the persistence of tensions in supply chains, the outbreak of commodity prices, rising inflation and rising interest rates. These factors contributed to the deceleration in world trade.
In 2022, specifies the French ministry, the prices of energy imports were multiplied by 2.1 compared to 2021, under the effect of the increase in the prices of energy supplies and the depreciation of the euro against the dollar. As a result, the energy bill has more than doubled in France, it was pointed out, noting that imports of gas increased by 248% to €59 billion, those of crude oil by 99% to €33 billion, those of petroleum products by 60% to €38 billion.
On the other hand, the figures show a positive growth in the level of services exports, thanks to tourism, transport companies and financial services, in addition to agricultural products and car exports, which approached 2019 levels. .
” We have the means to improve our trade balance by winning the battle of our SMEs for export, by maintaining our attractiveness, by relying on the reindustrialisation of our economy. These structural efforts are essential. Because beyond the simple recovery of our foreign trade, what is at stake is our growth, our influence in the world, and our ability to resist, and to make French companies resist, the turmoil we are going through. said Olivier Becht, Minister Delegate to the Minister for Europe and Foreign Affairs, in charge of Foreign Trade, Attractiveness and French Nationals Abroad, who presented the results of France’s foreign trade. in 2022.
Finally, the Minister Delegate underlines that the French economy has the necessary assets to raise the bar. He thus evokes a dynamic export fabric with more than 144,400 exporting companies in the third quarter of 2022, the ranking of France in first place on the podium of attractiveness in Europe for the number of foreign investment projects, for the 3rd consecutive year. (1,222 projects identified, more than 50% of which in areas with less than 50,000 inhabitants), and finally a reindustrialization implemented for 5 years, intensified by the France 2030 plan, and which offers companies new international opportunities, he said, noting that the opening balance of factories in France has been positive since 2021.