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Join on Telegram Rabat – Morocco’s automotive industry continues to experience impressive growth, with exports reaching MAD 44 billion ($4.3 billion) by the end of April 2023, according to data from Morocco’s Office d’Echange (OE).
In a monthly report, the OE highlighted that the monetary value of exports from the automotive industry rose by 40.4% compared to the same period a year earlier.
OE attributed the upward trend to higher sales in all segments of the sector, including construction by 40.4%, wiring by 43.4% and vehicle interiors and seating by 29.2%.
In addition to the automotive industry, Morocco’s exports of textiles and leather also saw a noteworthy increase of 11.6%, totaling MAD 1.6 billion ($157 million) in the first four months of 2023.
The electrical and electronics industry witnessed a substantial surge in sales, growing by 34%, while the mining sector experienced a more modest growth of 1.6%.
However, it is worth noting that exports of phosphates and derivatives experienced a decline, standing at MAD 24 billion ($2.3 billion) at the end of April 2023 compared to MAD 35 billion ($3.4 billion) in the same period of 2022.
This downward trend can be attributed to decreases in the sales of natural of natural and chemical fertilizers by 30.5%, phosphoric acid by 30.5% and phosphates by 0.6%
Morocco has solidified its position as Africa’s leading automotive manufacturing hub, surpassing South Africa in 2018 to become the continent’s largest automobile manufacturer.
In 2021, the country signed 25 trade agreements with various car manufacturers in the European Union and the United States.
Read also: Morocco Strengthens Position in Car Manufacturing
The rising demand for passenger vehicles has prompted international manufacturers such as Dacia, Renault, Peugeot, BYD and Volkswagen to establish production plants in Morocco such as Dacia, Renault, Peugeot, BYD and Volkswagen.
According to research conducted by advisory firm Mordor Intelligence, Morocco’s automotive industry is expected to grow by approximately $14 billion by 2026. The industry’s potential is further underscored by forecasts that suggest Morocco will be capable of producing one million cars by 2030, potentially overtaking Italy in vehicle production.
Morocco’s commitment to industrial development, particularly in the automotive sector, has earned the country recognition. The 2022 “African Industrialization Index” ranked the country second in industrialization improvement in Africa.
