Rabat – Morocco’s phosphate exports grew by a 95.8% annual rate at the end of February 2022 due to the skyrocketing fertilizer prices globally.
Phosphate exports registered the fastest annual growth rate across the board, going from MAD 7.2 billion ($741,0 million) in 2021 to MAD 14.2 billion ($ 1,46 billion) a year later, according to data from the Exchange Office, Morocco’s trade watchdog.
Morocco’s aeronautic sector comes in second, growing at an annual rate of 52.9% at the end of February 2022. The sector exported MAD 3.4 billion ($ 349,9 million) over the first two months of 2022, up from MAD 2.2 billion ($226,4 million) in 2021, Exchange Office data suggests.
But agriculture remains the best performing sector for the North African country, with annual exports set at MAD 15.4 billion ($1,58 billion), progressing at a 13.8% annual rate.
Coming right behind agriculture is Morocco’s automotive sector, with a MAD 15 billion ($ 1,5 billion) export volume, up by 3.9% year-on-year, Exchange Office data indicates.
Morocco’s overall exports reached MAD 62.4 billion ($6,4 billion) at the end of February 2022, a 27.7% rise from last year’s MAD 48.9 billion ($5 billion).
Despite the overall positive performance of Morocco’s exports, the exponential rise in energy and grain prices still burdens Morocco’s trade balance.
The country’s trade deficit continued to mount over the same period, growing by a 57.2% annual rate.
In particular, Morocco’s energy bill rose by 81.6% year on year, while the actual volume of imported energy only increased by 16.1%.
Wheat prices have equally continued to break records, growing at an annual rate of 96.8%, growing from MAD 2 billion ($205,8 million) at the end of February 2021 to MAD 4.1 billion ($422 billion) a year after.
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