Denver – Moroccan automotive exports reached a new nine-month high of $6.4 billion, according to the September trade indicator report from the country’s Exchange Office.
By the end of last month, exports of automotive parts were up 16.4% compared to the same period in 2020. The office attributed the increase in revenue to sales growth in the construction, wiring, and interior sectors of the industry. The three sectors saw respective growth of 22.4%, 7.7%, and 7.1% during the first nine months of 2021.
Following a slump in sales due to COVID-19, Morocco’s automotive industry has rebounded significantly this year. Officials reported the industry cleared over $5 billion during the first half of the year alone, shattering pre-pandemic revenue. The trade report highlighted passenger car exports grew to 244,156 cars by the end of September.
Morocco’s auto industry continues to thrive with automotive giants Renault and PSA maintaining major manufacturing facilities in the country. Tax incentives from Rabat combined with a shorter transportation distance to European markets has made Morocco an attractive manufacturing destination.
Other important sectors of Morocco’s economy also saw increases in the latest report. Phosphate sales increased by a remarkable 44.6% during the same period. The report attributed this increase to an uptick in sales of fertilizers and rising fertilizer prices. Similarly, a 10% increase in agribusiness sales was reported as more countries looked to secure stable food supplies.
Together, these three industries represent the largest revenue streams for the Moroccan economy. With the slow return to normalcy after COVID-19, Morocco’s economic activity has begun to rebound at an accelerated rate, positioning the country among the fastest-growing economies of this year.
