Trade between Morocco and Israel witnessed a 150% increase in the first four months of 2023, compared to the same period last year, new data shows.
Trade between the two countries reached $28.9 million in the first four months in 2023, Spanish news outlet LaRazon quoted the Abraham Accords Peace Institute as saying.
April alone accounted for $3.8 million of the total number.
Morocco and Israel re-established ties in December 2020, with the two countries determined to boost cooperation in all sectors – including trade.
Data from the Israel Central Bureau of Statistics said in May that trade between the two countries increased by more than 600% in January this year compared to the same period in 2022, reaching $13.8 million during that month.
In 2022, the volume of trade between Israel and Morocco stood at $180 million, representing an increase of 160% compared to 2020.
Israeli exports to Morocco reached $40 million in 2022, while Israel’s imports from Morocco amounted to $140 million in the same year.
Israel wants trade between the two countries to reach $500 million.
The Israeli government has renewed its interest in boosting trade cooperation with Morocco during the 15th International Agricultural Exhibition.
During the event, Israeli Minister of Economy Nir Barkat described Morocco as a regional leader and one of the largest economies in Africa.
Barkat told Morocco World News (MWN) that the North African country is “very well-positioned to be a gateway to Africa and for Israelis to feel comfortable coming here and creating joint ventures with Moroccan companies.”
He also expressed hope to see Morocco paving the way for Israel to share its water tech, agri tech, and desert tech expertise with countries across the world.
