Israeli exports to Morocco leaped by 192% in 2021, an apparent outcome of the signing of the Abraham Accords a year ago.
In general, Israeli exports increased to about $140 billion in 2021 and hit a record high, an increase of close to 20% compared to about $114.3 billion in 2020, according to estimates by the Foreign Trade Administration at the Ministry of Economy and Industry.
For the first time in Israel’s economic history, exports of services exceed exports of goods with a 51% to 49% ratio, while the exports of goods are also on the rise.
The leading sectors in the export of goods are automation and electronic equipment, products of the chemical and pharmaceutical industries, and optical and medical equipment.
One of the countries of destination that experienced an impressive growth was Morocco, with a huge 219% increase, as the total sum in exports went from $8,763,000 in the first nine months of 2020 to $25,584,000 in the first nine months of 2021.
Data obtained by TPS from the Foreign Trade Administration shows that the main increase occurred in the “transportation products” sector, with $5,779,000 in trade in the first nine months of 2020, to $19,050,000 in the first nine months of 2021, three times the sales in the previous year.
Another sector that showed impressive growth is the mechanization and electronics sector, with $279,000 in the first nine months of 2020, to $1,274,000 in the first nine months of 2021.
Other export categories of Israeli goods to Morocco that showed a more modest increase were chemicals, pharmaceuticals and the chemical industry, and rubber and plastic products.
In December 2020 Israel and Morocco officially agreed to establish diplomatic relations, becoming the sixth Arab league member to recognize Israel and the fourth in the space of four months, following Bahrain, the United Arab Emirates, and Sudan, to establish relations with Israel within the framework of the US-brokered Abraham Accords, the first pact signed between Arab countries and Israel in 25 years.
Before that, the two countries maintained informal ties.