Rabat – The value of Moroccan exports of phosphate and derivatives reached $10.6 billion (MAD 108 billion) at the end of November 2022, the Financial Studies and Forecasts Department (DEPF) indicated in its economic report for January 2023.
The report noted that the turnover of phosphate and derivative exports during November 2022 recorded a notable increase of 54.8%, compared to 53.2% at the end of November 2021.
Meanwhile, the turnover of phosphate rock sales abroad stood at MAD 12.2 billion ($1.2 billion), recording an increase of 55.9% compared to 12.4% during the same time in the previous year.
In addition, the value of shipments of phosphate derivatives reached MAD 95.8 billion (9.41$), an increase of 54.7% compared to the same period last year.
However, the turnover of the extractive industry dropped by 7.7% at the end of the first nine months of 2022, after it recorded a 1.7% increase in 2021. The downward trend continued across the fourth quarter of 2022, recording a 25.5% decline in October and November.
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The DEPF report attributed the drop in the extractive sector’s turnover to the decline in the sector’s activities in Morocco, notably phosphate rock production.
The cost of phosphate-based fertilizer has seen a significant spike over the past two years due to the COVID-19-induced supply disruptions, coupled with the Russia-Ukraine war.
Amid the soaring fertilizer prices, Morocco’s phosphate and fertilizer giant OCP Group reported an “exceptional” increase in its income and turnover in mid-2022, compared to the same time the previous year.
However, a recent report by the World Bank on commodity markets indicated that the phosphate market has witnessed a slight downward trend in prices at the start of 2023.
