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The Brazilian government announced that it has received approval from Morocco to export Brazilian olive oil to the Moroccan market.
The move comes as Morocco’s olive oil industry faces challenges linked to drought, which has reduced local production and pushed prices higher.
According to available data, the new trade partnership aims to strengthen agricultural cooperation between the two countries.
Morocco was the third-largest African importer of Brazilian agricultural exports in 2023, with bilateral agricultural trade reaching $1.23 billion.
Trade between the two countries from January to September 2024 exceeded $903 million, reflecting notable growth in Brazilian exports to Morocco.
This development follows Brazil’s approval in September to export dried distillers grains (DDG/DDGS) to Morocco, expanding the list of Brazilian products available in Moroccan markets.
The Brazilian government said the agreement is part of its strategy to expand agricultural exports into 193 new markets during 2024.
This brings the total number of targeted markets to 271 markets in 61 countries since the beginning of 2023.
In a related context, Morocco’s Minister of Agriculture, Maritime Fisheries, Rural Development, Water and Forests, Ahmed El Bouari, recently announced the government’s decision to suspend customs duties on imports of virgin and extra virgin olive oil.
The measure aims to stabilize prices of this essential product in the domestic market and ease the impact of the sharp decline in local production in recent years.