Automotive Industry Exports in Morocco Soar to $11 Billion in 2022

Rabat – Morocco’s car manufacturing industry continues building on its strong momentum, with exports reaching a sweeping MAD 111 billion ($11.1 billion), according to data from the Office d’Echange (OE).

In an annual report detailing Morocco’s foreign trade, OE data showed that the value of automotive exports rose by a year-on-year 33%.

The results are especially expressive when looking at the industry’s performance over the past eight years. Exports within the sector went from MAD 44.9 billion ($4.4 billion) in 2014 to MAD 83.6 billion ($8.3 billion) in 2021.

Despite the impressive growth in the value of exports, the automotive industry fell short of becoming Morocco’s largest exporting industry and was outperformed by the phosphate industry.

At the end of 2022, the phosphate industry’s exports totaled MAD 115 billion ($11.5 billion, a 43% year-on-year increase.

Mirroring the trend in the automotive sector, exports of the phosphate industry steadily increased over the past eight years, going from MAD 38.3 billion ($3.8 billion) in 2014 to MAD 80 billion ($8 billion) in 2021.

Third on the list of the largest exporting sectors is the agro-food industry, with total exports reaching MAD 83 billion ($8.3 billion) at the end of 2022, with annual growth set at 19%, OE data shows.

Exports within Morocco’s agro-food industry went from MAD 39 billion ($3.9 billion) in 2014 to MAD 69 billion ($6.9 billion), the report shows.

Despite its immense potential, Morocco’s agro-food industry remains weak, as the country remains largely an importer.

Underlying the trend are a multitude of factors including limited agriculture production and lack of funding as 90% of companies within the sector are Small and Medium-Sized Businesses (SMBs).