Morocco’s exports to Brazil increase to a record level of about $2billion

Morocco’s exports to Brazil have reached a record level estimated at about $2 billion in 2021, according to data of the Brazilian Ministry of Economy.

The data suggest that Morocco has exported products worth more than $1.9 billion to the Latin American country, which represents a record level never reached before since 1997 when Moroccan exports to Brazil did not exceed 50 million.

The total Moroccan exports to Brazil increased in 2021 by 70.29%, compared to 2020 ($1.1 billion), and up by 98.29% compared to 2019 (more than $967 million).

A sectoral breakdown shows that fertilizers dominated Morocco’s exports to Brazil (about $1.6 billion), followed by inorganic chemicals and organic and inorganic compounds of precious metals ($170.5 million); salt, sulfur, plaster, and cement ($42.1 million); fisheries ($42 million); machines, equipment, and electrical materials ($20 million); and clothing and accessories ($19.7 million).

Exports also include aircraft, space vehicles and their parts ($2.5 million), and cars, tractors, bicycles, and their parts and accessories ($2.2 million).

Trade between the two countries during 2021 showed a surplus in favor of Morocco, estimated at $1.35 billion, an increase of 193.85% compared to 2020 (approximately $460.3 million), and up by 171.68% compared to 2019 (about $498 million).

In its global foreign trade, Brazil closed 2021 with a trade surplus of $61 billion dollars, an increase of 21% compared to 2020.