Trade balance between Morocco and France shows surplus in favor of the kingdom thanks to the automotive industry – French ambassador
Morocco has turned the tide of trade with France in the last decade with a booming automotive industry, French ambassador Hélène Le Gal told online media le360.ma.
“We went from a French trade surplus to a Moroccan trade surplus because Morocco exports a lot more to France than it imports. Morocco mainly exports cars and that is the big difference, ”Le Gal said in an interview.
According to the French diplomat, the surplus is led by vehicle exports from the Kingdom to Europe and especially to France.
“The French are starting to buy cars again, many of them from Morocco. This explains the French trade deficit with Morocco. This deficit is growing every year, so we have to be more offensive to fill it, ”added the diplomat.
Morocco’s vehicle exports are led by French automakers Renault and Peugeot, based in Tangier, Casablanca and Kenitra, respectively.
A report by the French mission in Rabat in December 2020 found that exports from Morocco to the European country increased by 70.5 percent between 2012 and 2019.
“Our exports to the Kingdom only grew by 18.3%. Under these conditions, our bilateral balance rose from a surplus of 753 million euros to a deficit of 816 million euros, ”the report said.
With 12.2 percent of the total volume, France is Morocco’s second largest trading partner, directly behind Spain with 15.6 percent.