Rabat – Moroccan exports of phosphates and derivatives reached nearly MAD 24.6 billion or $2.5billion at the end of March, recent data from the Foreign Exchange Office has shown.
According to the latest data, Morocco’s phosphate exports almost doubled as of March 2022 compared to the same period in 2021 when the number reached MAD 13.4 billion or $1.35 billion.
The office attributed the change to the increase in sales of natural and chemical fertilizers.
The Ukraine crisis, impacting Russian fertilizer exports, has presented a good opportunity for Morocco.
Read Also: Doors Open for OCP as Ukraine Crisis Pauses Russian Fertilizer Exports
Recent reports showed how fertilizer prices have been recording all-time highs.
According to the Progressive farmer, phosphorus-based fertilizer was “8% more expensive” in April compared to March, as prices continue to rise.
Phosphate-based fertilizer “ had an average price of $1,047/ton, which is an all-time high price in the DTN data set,” according to the Progressive Farmer website.
Morocco holds around 75% of the world’s reserves of phosphate rock. The material is a key ingredient in fertilizer.
Moroccan state-owned company OCP is the world’s largest exporter of phosphate rock.
In addition to phosphates, exports of the agricultural and agri-food sector stood at MAD 24.37 billion ($2.44 billion) at the end of March against MAD 21.20 billion ($2.13 billion) during the same period last year.
The number represents an increase of 14.9%.
The foreign exchange office attributed the development to the “simultaneous increase in sales of the food industry and agriculture, forestry, and hunting.”
Exports of goods amounted to MAD 99.98 billion ($10 billion) against MAD 77.526 billion ($7.79 billion) a year earlier.
The number represents a 29% increase that covered all sectors, including phosphates and derivatives, the agriculture and agri-food sector, and the textile and leather sector.
