Rabat – Agriculture, phosphates, and the automotive sectors have been among the key driving forces in Morocco’s economy in 2022.
Recent data from Morocco’s Exchange Office indicate that Morocco’s exports of goods amounted to MAD 389.76 billion ($37.32 billion) as of the end of November, representing an increase of 33.1% or MAD 97 billion ($9.2 billion).
The Exchange Office attributed the positive development to the post-COVID recovery of Morocco’s leading sectors, including phosphates, automotive, and agriculture industries.
Phosphates sales go up
The new data shows that the phosphates and derivatives sales increased by 54.8% to reach MAD 108 billion($10.34 billion) at the end of November 2022, up from MAD 69.78 billion ($6.68 billion) in the same period in 2021.
According to the Exchange Office, the increase is mainly due to the rise in exports of natural and chemical fertilizers, with the price effect reaching nearly double of the original prices (MAD 8.67) in the same period last year.
However, Morocco’s fertilizer exports have dropped by 12.1%.
The country holds 75% of the world’s phosphate rocks reserves, a key ingredient in fertilizer.
The automotive sector is Morocco’s rising industry
Morocco has in the past year continued to boost its automotive sector, which the country bets on to cement its growing status as a regional economic hub.
In its report, the Exchange Office stressed that a large part of the increase in Morocco’s exports of goods was attributable to sales in the automotive sector.
Sales in the sector amounted to MAD 100.37 billion ($9.61 billion), an increase of 35% or + MAD 26 billion ($2.49 billion) in the first eleven months of 2022, the Office documented.
“The exports reached MAD 100 billion ($ 9.57 billion) for the first time,” the Office detailed.
The increase also concerns sales in the construction segment, in the wiring, and in interior and seats segments.
To strengthen its position as a leading country in the sector, Morocco announced earlier this month that the first “Made in Morocco” vehicle will hit the national market by next year.
Minister of Industry Ryad Mezzour said the vehicle has successfully passed all the pre-launch tests and will soon go on sale in Morocco and eventually abroad.
Morocco is home to many plants producing international car brands that are commercialized locally and regionally.
Agriculture exports boom
Morocco’s agriculture has over the course of this year witnessed several setbacks due to drought and lack of rainfall. Despite the water crisis, the county has maintained its leadership in agriculture exports in a number of areas.
According to the Exchange Office’s data, Morocco’s agriculture and agri-food exports stood at MAD 73.8 billion ($7 billion) at the end of November, up from MAD 62.36 billion (5.97 billion) last year.
The number represents a 18.3% or MAD 11.43 billion ($1 billion) increase, the Office noted, concluding: “This change is explained by the simultaneous increase in sales of the food industry and those of agriculture, forestry and hunting.”
Read Also: Phosphate Exports in Morocco Rose by A Record 68% in 2022
