Written by 6:53 pm Economy

Israel’s aggression on Gaza reduces trade exchange with Morocco by 61%

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Trade between Morocco and Israel has noted a significant drop since violence broke out in Gaza, despite a flourishing 2023. 

In October 2023, coinciding with the initiation of the “Al-Aqsa Flood” operation, trade between the two countries witnessed a 61% decrease, compared to the same period of 2022.

Israel’s exports to Morocco surged by approximately 128% in 2023, according to recent data from Israel’s Ministry of Economy and Industry’s Foreign Trade Administration.

Bilateral trade between Morocco and Israel during the first ten months of 2023 amounted to $94 million according to the Abraham Accords Peace Institute, reflecting a 112% increase compared to the same period in 2022.

The figures indicate significant increases in Israeli exports to Egypt, Bahrain, and Jordan, rising by 73.5%, 54.5%, and 13%, respectively. 

Israeli exports to the UAE saw a 5.2% increase, totaling around 650 million US dollars.

The Israeli exports to Romania, Ireland, Germany, Japan, and the Netherlands also experienced growth, ranging from 11% to 73%.

Israel’s Ministry of Economy and Industry reports an overall 6% annual decline in Israeli exports worldwide last year, expecting a 10% decrease in goods exports but a rise in service exports. 

Exports to certain European and Asian markets, including Turkey, France, Italy, India, and China, decreased. Notably, exports to the United States maintained regular levels.

Minister of Economy and Industry, Nir Barkat, expressed strategic goals to increase Israeli exports globally, emphasizing the efforts of the Foreign Trade Administration with 55 attachés worldwide contributing to annual export growth and economic benefits for Israel.

Since the re-establishment of diplomatic relations between Israel and Morocco in late 2020 under U.S. sponsorship, Israel has aimed to enhance its trade ties with Morocco. 

Despite this, potential hurdles exist, especially concerning ongoing Israeli military aggressions on Gaza, condemned by Morocco, and the Israeli government’s defiance of international calls for a ceasefire.

The complexities surrounding the Israeli-Moroccan relationship may impact various levels of engagement, especially with Israel challenging the international community’s support for its Western allies and growing internal calls in Morocco to halt “normalization with Israel.”

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