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Rabat – Morocco is the third-largest in terms of the value of industrial exports in the Arab world, following the UAE and Saudi Arabia.
According to a newly published report from the Arab Monetary Fund (AMF), the value of Morocco’s industrial exports stood at nearly $19.9 billion at the end of 2021. In first place is the UAE with $142.5 billion, followed by Saudi Arabia with $69 billion.
Morocco equally ranks third in terms of the contribution of industrial exports to overall exports, following Tunisia and Jordan. The country’s industrial exports account for 70% of total exports.
In 2021, the overall value of industrial exports for Arab countries reached $325 billion, up from $244 billion in 2020, AMF data indicates. On average, industrial exports accounted for 3.3% of overall exports in Arab countries.
Noting the competitiveness of Morocco’s industry, the AMF report shows that the country’s competitiveness ranks seventh in the Arab world and 62nd worldwide. The top six positions are occupied by the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
The report highlights the suboptimal condition of Arab countries’ competitiveness, explaining that even the best-performing counties remain below the international average.
Despite the significant growth in Morocco’s industry, the sector is facing a significant set of hurdles, including the dramatic rise in raw material and the slowing demand on the national and international market.
The country’s largest trading partner, the European Union, is expected to be heading towards a second recession less than two years after the COVID-induced economic crisis.
Read Also: Morocco’s Trade Deficit Soars By 57% Amid Lingering Energy, Food Price Shock
