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Denver- Morocco’s Exchange Office released data highlighting the rapid growth of the Moroccan car manufacturing industry. In its monthly bulletin on foreign trade, the Exchange Office explained auto sales have skyrocketed as Morocco begins to expand its manufacturing into different segments of the automaking process.
Officials observed growth in auto construction (+44%), wiring (+47.4%), and seat interior manufacturing (+41%) during the first five months of 2021. Despite the economic downturn last year, officials claim this year’s “exports are equal to those made during the same period in 2019,” indicating a rebound of Morocco’s economy post-pandemic.
There has been growing interest in utilizing Morocco’s blossoming auto industry to serve as a manufacturing hub, and several different car manufacturers throughout Europe and Asia have already expressed interest in opening up factories in the country.
Besides the auto industry, the Exchange Office also noted growth in exports of several other sectors of the economy as well. Textile and leather sales increased by 38.8% during the same time period.
This increase is attributed to higher sales of clothing and hosiery. Phosphate exports also increased by about 17.4% during this year. Phosphates are an essential component of agricultural fertilizer and one of Morocco’s chief exports. Lastly, growth was also observed in the exports of agriculture, electronics, and miscellaneous mining.
It appears that Morocco in its entirety is rebounding from last year’s economic slump at monumental speeds. This recovery has not gone unnoticed in the international realm, and last month, Morocco’s Finance Minister, Mohamed Benchaaboun, was awarded the “Finance Minister of the Year” award from African Banker magazine.
The award credited Benchaaboun with effectively leading the country’s economy through the perils of last year’s downturn, and helping to supplement both businesses and workers in the country struggling with a loss in revenue due to the pandemic. With sights set on increased international trade, Morocco has quietly pivoted its economic policy through strategic agreements to place itself as an economic frontrunner on the African continent and a key partner for European investors as well.
