Home / Finance & Economy / Trade between Morocco and Israel reaches $117 million

Trade between Morocco and Israel reaches $117 million

Israeli-Moroccan relations are going well and the Economic and Trade Cooperation Agreement between the Government of the Kingdom of Morocco and the Government of the State of Israel seems to be bearing fruit. Indeed, after the re-establishment of diplomatic relations, trade between Israel and Morocco reached 117.11 million euros in 2021, hence a fervent call on both sides to consolidate commercial ties to guarantee the continuity of this “Win ​​Win” relationship.

However, if we rely on data from the Israel Export Institute based on information from the Central Bureau of Statistics, in 2021, exports of goods from Israel to Morocco increased by approximately 214% compared to compared to 2020, or about $12 million. These are vehicles, aircraft and ships as well as transport equipment, plastics, rubber and its derivatives, industrial chemicals, machinery, electrical equipment, audio and video technologies. In 2020, Morocco exported $9.76 million worth of goods to Israel, including “processed vegetables”, processed fish and, curiously… beer. That same year, Israel exported $11.2 million worth of products to Morocco, including airplanes, helicopters and spacecraft, ethylene polymers and centrifuges.

In 2021, imports of goods to Israel from Morocco amounted to $57 million, “a decrease of around 15% compared to 2020, when imports from Morocco amounted to around $67 million. dollars,” according to Ohad Cohen, director of the Israel Foreign Trade Administration. Moroccan exports to Israel included automotive accessories, textiles and textile products, olives, canned fish and… pasta.

The figures above differ from those in the United Nations COMTRADE international trade database. It says goods imported to Israel from Morocco reached $117.11 million last year. The two countries intend, in terms of import-export, to turn around a potential of up to 250 million dollars per year. According to the UN COMTRADE database, Israeli exports to Morocco in 2021 reached $30.72 million.

Very good! Last March, a delegation from Rabat comprising some 80 top Moroccan business leaders traveled to Israel to discuss the road ahead. “Morocco and Israel, two of the most prosperous and dynamic economies in their regions, today share a clear and strong strategic vision to increase the volume of trade and investment, improve our mutual approach to markets, and lead towards shared social development,” said Chakib Alj, President of the General Council of Moroccan Enterprises (CGEM) at the conference. The bilateral partnership has led to unprecedented developments in sectors of mutual interest, such as tourism, health, agriculture, water, industry, education and technology, and the goal is to increase the exchanges to 500 million dollars”, he declared again.

For his part, Adiv Baruch, president of the Israel Export Institute, convinced of the good understanding between our two countries, stressed, “Economic and commercial cooperation with Morocco will lead to significant results for both parties”. And for good reason ! Israel enjoys the strongest security ties with Morocco. In November 2021, the two countries had signed a memorandum of understanding cementing military and defense cooperation between their two defense establishments. In February 2022, the business news site Globes reported that Israel Aerospace Industries had signed a $500 million contract to sell the Barak air and missile defense system to Morocco, although the sale was neither confirmed nor confirmed. by either country, or even by society.

Last July, IDF Chief of Staff Aviv Kochavi, accompanied by Israeli military luminaries, traveled to Morocco for a three-day official visit to meet with Moroccan Defense Minister Abdellatif Loudiyi and the Inspector General of the Royal Armed Forces (FAR), General of the Army Corps Belkhir El Farouk, and other Moroccan defense and security officials. Among other issues, the talks aimed to deepen military and intelligence cooperation between the two nations. But it is not just the security and military aspects, other areas enrich exchanges between Israel and Morocco (particularly from the Jewish state to the Kingdom) such as agriculture, water technology, digitization and smart industries, cybernetics and healthcare, a report by the Ministry of Regional Cooperation and the Israel Export Institute said last month.

It was further stated that the normalization of diplomatic relations between the two countries offers a wealth of opportunities, not only for the business sector, but also for nationwide projects and cultural exchanges. These are all areas that could serve as a bridge to increase trade with African countries in general, the document adds.

Check Also

The Israeli company NewMed Energy will look for gas in southern Morocco

The Israeli company NewMed Energy announced the signing of a memorandum of understanding for the …

Leave a Reply