Morocco-Switzerland Trade Sets Record $700 Million in 2022
The volume of trade between the two countries has been on a steady rise, going from over $500 million in 2015 to over $700 Million in 2022.
Rabat – Trade between Morocco and Switzerland set a new record in 2022, according to data released by the Swiss Federal Office of Customs and Border Protection.
The volume of trade between the two countries has been on a steady rise, going from over $500 million in 2015 to over $700 Million in 2022. Between 2021 and 2022, Swiss-Moroccan trade increased by nearly 19%, with Morocco receiving $410 million of Swiss goods.
Swiss exports to Morocco consist mainly of chemical and pharmaceutical goods, which make up 29% of exports, followed by precision instruments, watches, and jewelry at 24%, machinery, household appliances, and electronics at 18%, and agricultural and fishing products at 17%.
Meanwhile, Morocco’s exports to Switzerland have also increased significantly, from over $300 million in 2021 to over $360 million in 2022, marking nearly a 19% increase.
Switzerland’s imports from Morocco are composed primarily of textiles, clothing, and footwear, making up 28% of total imports, followed by forestry, agricultural, and fishing products at 19%, vehicles at 14%, and jewelry at 13%.
Morocco and Switzerland have been keen on boosting bilateral ties. In 2021, the two countries signed a joint declaration celebrating 100 years of diplomatic relations between Morocco and Switzerland.
Speaking to Morocco World News, the Swiss Ambassador to Rabat, Guillaume Scheurer, said that the declaration gave a “new push” to trade between the two countries and has “enabled the launching of several high-level official visits and facilitated the organization of several meetings between Moroccan actors and their Swiss counterparts.”
While trade between the two countries is gaining traction, Scheurer explained that it falls below its true potential, and called on stakeholders from both countries to contribute to further boosting the volume of bilateral trade.
According to a statement from the Swiss embassy in Morocco, the two countries are “committed to working to accelerate the pace of working visits at the level of senior officials and at all levels to strengthen the dialogue and consultation between governments and economic operators.”
In 2022, Switzerland hosted an event in the presence of representatives from Morocco’s national agency to promote exports (AMDIE), Tanger Med, and Casablanca Finance City.
Commenting on the positive results of bilateral trade, the President of the Swiss Chamber of Commerce in Morocco, Christophe De Figueiredo, said that the chamber is “delighted with this new milestone in trade between our two countries.”
“We are convinced that this is only a step, we continue our efforts to further increase this amount while keeping the balance balanced,” he explained. “Morocco offers growth opportunities to Swiss companies of all sizes thanks to its political stability, its geographical proximity, its trained youth, the availability of land, and transport and energy infrastructure.”
Source: MWN
