Commercial Relations Between Morocco And Germany Have Experienced Remarkable Growth In The First Quarter Of 2023
Commercial Relations Between Morocco And Germany Have Experienced Remarkable Growth In The First Quarter Of 2023.
Casablanca, May 23, 2023 – Commercial relations between Morocco and Germany have seen remarkable growth in the first quarter of 2023. According to the latest data from DIHK (Association of German Chambers of Industry and Commerce), Germany imported a total of 691 million euros from Morocco from January to March 2023, marking a significant increase of +36.1% compared to the same period in 2022. In the first quarter of 2023, Morocco ranks 52nd among the countries exporting the most to Germany.
Simultaneously, German exports to Morocco have also experienced a significant increase, reaching a total of 874 million euros in the first quarter of 2023. This growth of +29.9% compared to Q1 2022 positions Morocco as the 50th country in terms of imports from Germany.
Overall, the volume of trade between Morocco and Germany in the first quarter of 2023 amounts to 1.5 billion euros, showing a growth of +32.6% compared to the same period in 2022. These figures reflect a dynamic and growing economic cooperation between the two countries. Morocco is emerging as a prominent trading partner for Germany, offering mutually beneficial trade and investment opportunities. These encouraging results open new prospects for the development of commercial relations between Morocco and Germany in 2023.
According to Ms. Claudia Schmidt, Deputy General Manager of AHK Morocco, “The trade data for the first quarter of 2023 shows a clear increase compared to the same period in 2022. German exports to Morocco have increased by nearly 30%, and German imports from Morocco have grown by 36.1% in Q1/2023 compared to Q1/2022. Additionally, German direct investments in Morocco have increased by 25.7% from 2020 to 2021, reaching 1.5 million euros in 2021. Morocco ranks 57th among countries with the largest volume of trade with Germany in 2022.”
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There has been remarkable growth in commercial relations between Morocco and Germany in the first quarter of 2023. The data shows significant increases in imports and exports between the two countries.