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Rabat – Morocco’s automotive exports reached $5.13 billion in the first half of 2022, reaching the highest level in five years.
Morocco’s Foreign Exchange Office reported that the figure represents an increase of 30.1% compared to the same period a year earlier.
Meanwhile, the shares of sales in the automotive sector declined by 2.1 points during the same period.
Recent statistics from the Association of Vehicle Importers in Morocco reported a decrease in the sales of new cars in the North African country.
Compared to the same period last year, the association said the sales of new cars saw a decrease of 11.3% as of July 2022.
Read Also: Automotive Sector: Car Sales in Morocco Drops By 11.03%
The automotive industry is one of the key sectors that contribute to Morocco’s growing economy. Business website Manufacturing Global believes that the automotive sector could contribute “as much as 24%” to Morocco’s GDP by 2022.”
In addition to the automotive sector, the exchange office also shared data on overall exports of goods.
According to the statistics, total exports stood at MAD 215.07 billion ($20.89 billion) against MAD 152.35 billion ($14.8 billion) a year earlier, an increase of 41.2%.
The increase concerns all sectors, including phosphates and derivatives, as well as the automotive sector, agriculture, agri-food, textiles, and leather.
Morocco’s phosphate and derivatives sales reached over $5.6 billion at the end of June. The number represents an increase of 84.3% compared to the same period in 2021.
Exports of the agriculture and agri-food sector reached $4.48 billion in the same period, an increase of 24.8% compared to 2021.
Textile and leather exports also increased by 32.4% in the first half of 2022, the foreign exchange office said in its monthly report.
