Commercial and financial transactions of Morocco with Gulf countries are favorable.
Within a decade (2003-2013), they increased from 8.7 billion dirhams 29.2 billion (33 billion in 2012), according to a Focus trade between the two parties which has just been published by the Exchange Office. Over 80% of this trade is conducted with only one country, namely Saudi Arabia. Clearly, transactions are very unbalanced, since they are largely dominated by imports. What affects the trade balance of Morocco revealed a deficit of 26.8 billion dirhams in 2013 (against -29.7 billion in 2012 and -7.2 billion dirhams in 2003). Indeed, over the past decade, imports from the GCC countries have more than tripled, from $ 8 billion in 2003 to $ 31 billion in 2012 and 28 billion in 2013.
This strong increase is mainly due to the increased supply of energy products in Morocco. Indeed, in 2013, imports of crude petroleum oil represent 63.9% of total imports from the GCC countries. Therefore, they have attained the rank of fourth supplier of Morocco with a share of 7.3% of total imports in 2013 Approximately 82.6% of these purchases are from Saudi Arabia, which is the first provider Morocco’s crude petroleum oil (17.9 billion in 2013) and only in the GCC countries.
By cons, Moroccan exports to these countries have not exceeded 1.2 billion in 2013 (1.6 billion in 2012), against 0.7 billion a decade ago, an average growth of 5.5% between 2003 and 2013 What makes these countries the 23rd customer of Morocco with 0.7% of total exports. In 2013, four products account for over 50% of these exports. This is phosphoric acid (26.5%), cheese (11.8%), disks and other magnetic media (7.6%) and clothing made (5.6%).