Portugal and Morocco
Portugal and Morocco upgraded their relationship to a strategic partnership in May 2023. Signed instruments cover civil protection, judicial cooperation, social affairs, culture, tourism and ports.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
António Costa and Aziz Akhannouch presided over the signing of twelve instruments in Lisbon on 12 May 2023, at the end of the 14th high-level meeting and after six years without that format.
What merchandise trade shows
In 2025, goods trade between Portugal and Morocco totalled 1,802 million current USD.
Documented trade sectors
Within the selected chapters, electrical and electronic equipment stands out in shipments from Portugal to Morocco, at 237.5 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 1,802.03 M USD | 2025 · Comtrade |
| Goods: Portugal to Morocco | 1,198.03 M USD | 2025 · Comtrade |
| Goods: Morocco to Portugal | 604.01 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Portugal to Morocco | 1.34 % | 2025 · Comtrade |
| Export share: Morocco to Portugal | ||
| Investment stock: Portugal in Morocco | ||
| Investment stock: Morocco in Portugal |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Goods; full calendar year; reporter PRT. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Portugal to Morocco
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Goods; full calendar year; reporter PRT. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Morocco to Portugal
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Goods; full calendar year; reporter PRT. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Portugal to Morocco
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | Portugal | Morocco |
|---|---|---|
| Nominal GDP | 346.64 billion USD2025 · WB | 182.59 billion USDIMF est.2025 · IMF |
| GDP per capita | 32,081.81 USD2025 · WB | 4,841.63 USDIMF est.2025 · IMF |
| GDP growth | 1.86 %2025 · WB | 4.6 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | 2.25 %2026-10-06 · BAM |
| Inflation · annual average | 2.34 %Annual average · 2025 · WB | 0.7 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.6 %provisionalprovisionalYear-on-year · Sept. 2026 · INE PT | -0.3 %Year-on-year · Aug. 2026 · HCP |
| Unemployment | 6.16 %ILO est.2025 · WB | 9 %ILO est.2025 · WB |
| Budget balance (% of GDP) | 0.3 %IMF est.2025 · IMF | -3.5 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 89.9 %IMF est.2025 · IMF | 67.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 1.2 %IMF est.2025 · IMF | -2.5 %2025 · WB |
| Population | 10,804,871World Bank est.2025 · WB | 37,712,000IMF est.2025 · IMF |
| Area | 92,230 km²2023 · WB | 446,550 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
For Morocco, GDP, population and GDP per capita are estimates from the same IMF (WEO) dataset for 2025. The per-capita figure published by the IMF is used, rather than a calculation of our own. The earlier World Bank series could not be reconciled and are not mixed with this dataset. Review: 2026-10-07. IMF data terms of use0
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDPortugal: 2025 · World BankMorocco: 2025 · Nominal GDP in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.
- GDP per capita
- Current USD per personPortugal: 2025 · World BankMorocco: 2025 · Nominal GDP per capita in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.
- GDP growth
- Annual real change (%)Portugal: 2025 · World BankMorocco: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Portugal: 2026-09-16 · ECB: deposit facility; shared euro-area rate · European Central BankMorocco: 2026-10-06 · Bank Al-Maghrib policy rate · Bank Al-Maghrib · Date of the latest observation in the official chart; not a new monetary-policy decision. · Alternative official source; verified 2026-10-06
- Inflation · annual average
- Average annual change in headline CPI (%)Portugal: 2025 · Annual average change in the CPI (%) · World BankMorocco: 2025 · Annual average change in the CPI (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedPortugal: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Portugal INE · Published: 2026-09-30 · provisional · Provisional · National headline CPI, year-on-year, not monthly inflation or an annual average. Provisional data or an official advance release; subject to revision.Morocco: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Morocco's Haut-Commissariat au Plan · Published: 2026-09-22 · National headline CPI: a decrease of 0.3% compared with August 2025. The monthly increase of 0.8% is a different measure; a regional index is not used.
- Unemployment
- % of the labour force; definition used by the stated institutionPortugal: 2025 · World Bank · ILO est.Morocco: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Portugal: 2025 · IMF — World Economic Outlook · IMF est.Morocco: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Portugal: 2025 · IMF — World Economic Outlook · IMF est.Morocco: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPPortugal: 2025 · IMF — World Economic Outlook · IMF est. · Current-account balance as a percentage of GDP; IMF WEO estimate for PRT.Morocco: 2025 · World Bank
- Population
- PeoplePortugal: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census count for 2025.Morocco: 2025 · Population from the WEO series; do not mix with the denominator from another source · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.
- Area
- Total area in km²; territorial coverage of the sourcePortugal: 2023 · Area according to the series' coverage; does not determine sovereignty or effective control · World BankMorocco: 2023 · Total area, including inland waters; source's territorial coverage · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Portugal to Morocco
| Product or sector | Value / share |
|---|---|
| Electrical and electronic equipment | 237.5 M USD2025 · Source |
| Vehicles and components | 234.4 M USD2025 · Source |
| Machinery and mechanical appliances | 116.5 M USD2025 · Source |
| Mineral fuels and oils | 52 M USD2025 · Source |
| Dairy products, eggs and honey | 5.5 M USD2025 · Source |
| Pharmaceutical products | 4.9 M USD2025 · Source |
| Meat and edible offal | 0.238 M USD2025 · Source |
Morocco to Portugal
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 231.7 M USD2025 · Source |
| Electrical and electronic equipment | 134.6 M USD2025 · Source |
| Machinery and mechanical appliances | 3.1 M USD2025 · Source |
| Pharmaceutical products | 2 M USD2025 · Source |
| Dairy products, eggs and honey | 0.0000843 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Portugal to Morocco | Morocco to Portugal |
|---|---|---|---|
| 2021 | 1,341 | 1,026.5 | 314.4 |
| 2022 | 1,085.1 | 716.6 | 368.5 |
| 2023 | 1,599.9 | 1,100.2 | 499.7 |
| 2024 | 1,793.4 | 1,232.3 | 561 |
| 2025 | 1,802 | 1,198 | 604 |
Connections between people
The memoranda include youth, women's rights, non-discrimination, judicial training, rural communities and labour affairs. A programme was agreed to implement cultural and scientific cooperation through 2025. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Portugal living in Morocco | ||
| Residents from Morocco living in Portugal | ||
| Study and training: Portugal in Morocco | ||
| Study and training: Morocco in Portugal | ||
| Academic stays: Portugal in Morocco | ||
| Academic stays: Morocco in Portugal | ||
| Travel: Portugal to Morocco | ||
| Travel: Morocco to Portugal |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
History and institutional framework
António Costa and Aziz Akhannouch presided over the signing of twelve instruments in Lisbon on 12 May 2023, at the end of the 14th high-level meeting and after six years without that format. The civil protection agreement provides for mutual assistance in disasters; Portugal thanked Morocco for support with Canadair aircraft during previous summers. [1]
The scale of both economies
Nominal GDP for Portugal is 346.6 billion USD (2025), compared with 182.6 for Morocco (2025). The reference populations are 10.8 and 37.71 million, respectively. In the same year, the economy of Portugal was 1.9 times that of Morocco in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
The memoranda include youth, women's rights, non-discrimination, judicial training, rural communities and labour affairs. A programme was agreed to implement cultural and scientific cooperation through 2025. The 2030 football bid is mentioned as a joint project at the time, not as an outcome of that summit. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Portugal and Morocco) totalled 1,802 million current USD. Shipments from the first to the second were 1,198 million; those in the opposite direction, 604 million. The difference between the two flows was 594 million, in favour of Portugal. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Portugal to the partner represented 1.34% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 1,341 million USD in 2021 and 1,802 million in 2025. The change between the two endpoints was +34.4 % in current dollars. The highest annual value in the period was recorded in 2025, at 1,802 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, electrical and electronic equipment stands out in shipments from Portugal to Morocco, at 237.5 million USD in 2025. Within the selected chapters, vehicles and components stands out in shipments from Morocco to Portugal, at 231.7 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — PRT-MAR
portugal.gov.pt · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade / PRT · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters PRT, PRY, ROU · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-08
Additional sources on products and human connections
- UN Comtrade; reporters PRT, PRY, ROU
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.