Morocco’s Phosphate Exports Grew by 43% at the End of 2022

Morocco’s phosphate exports grew by 43% at the end of 2022, reaching MAD 115.5 billion ($11 billion) in value, according to data from an institution affiliated with the finance ministry.

Rabat – Morocco’s phosphate exports grew by 43% at the end of 2022, reaching MAD 115.5 billion ($11 billion) in value, according to data from an institution affiliated with the finance ministry.

Phosphate exports grew at a slower rate in 2022, down from nearly 59% a year earlier. Despite the drop in demand for phosphate, the monetary value of exports continued to rise supported by consolidating prices of fertilizer on the international market.

Data shows in 2022, the export value of phosphate derivatives reached 43%, while raw phosphate exports rose by nearly 50%.

The rise in Morocco’s phosphate exports is primarily supported by the exponential growth in the price of fertilizers.

As the war in Ukraine and protectionism measures around the world triggered a severe shortage in fertilizers on the global market, Morocco’s phosphate giant OCP announced in 2022 plans to bolster its production by 10%.

OCP increased production input by 11.9 million tonnes in 2022, up from 10.8 million tonnes the year before.

The company further announced plans to increase production by 3 million tonnes in 2023. The company’s decision to increase fertilizer production came amid the sanctions that restricted access to Russian ammonia, a key ingredient in the manufacturing of fertilizers.

To overcome the supply restrictions, OCP turned to American Koch Industries and struck a deal whereby the American company would supply OCP with the necessary ammonia. The deal helped OCP to reach production goals in exchange for partnering with the US company in a Morocco-based joint venture.