Morocco’s Automotive Exports Top $8.7 Billion in 2023

Morocco’s automotive exports have reached over MAD 90 billion ($8.7 billion) during the first eight months of 2023, up 35.6% from the same period in 2022.

Rabat – Morocco’s automotive exports have reached over MAD 90 billion ($8.7 billion) during the first eight months of 2023, up 35.6% from the same period in 2022.

The development has been powered by an increase in sales across all sectors of the industry, according to a report from Morocco’s Office Des Changes (OE).

The construction sector exceeded MAD 9.7 billion ($944 million), while wiring reached MAD 8.2 billion ($789 million), and the vehicle interiors and seats segment stood at MAD 1.6 billion ($155 million), according to the OE’s recent bulletin on monthly foreign trade indicators.

According to the same report, sales in the electronics and electrical sector rose by nearly 33% to MAD 15.2 billion ($1.48 billion) at the end of August 2023, while those in the textiles and leather sector went up by 9.2%.

The increase in the textiles sector was powered by a rise of 12% in ready-made garments, 5% in hosiery, and 1.8% in footwear.

Exports in the aeronautical sector fell by 3.7% to MAD 13.6 billion ($1.3 billion).

According to an August report from the OE, the value of exports of automobiles increased 37% in the first seven months of 2023, compared to the same period in 2022.

Morocco’s automotive sector has been steadily on the rise over the past few years, as the country positions itself as a regional hub for the industry, with many brands setting up manufacturing hubs.