Rabat – Morocco’s aerospace sector reached MAD 10.68 billion ($1 billion) in revenue during the first five months this year.
The number represents a growth of 17.6% compared to the same period last year, new data from the Moroccan Exchange Office shows, attributing the situation to the increase in sales in the assembly segment
Throughout the past decade; Morocco has been working to boost the aviation sector, setting sights on transforming the country into a global aviation powerhouse.
The country has been courting major manufacturers to boost its multi-billion dollar aerospace market.
Like the aviation sector, the automotive industry is also a key driver in contributing significantly to the country’s economy.
The automotive sector grew by 12% to over MAD 67.4 billion ($6.4 billion) by the end of May.
This development is driven by higher shipments in the construction segment as well as wiring, and vehicle interior and seats manufacturing.
A report from the UNCTAD on Economic Development said last year that the automotive sector in the North African country witnessed a transformation from mere assembly to full fledged automotive production.
The report further explained that Morocco’s success in attracting multinational companies can be attributed to its substantial investment in infrastructure, establishment of special economic zones with tax exemptions and incentives, and its proximity to Europe.
The Exchange Office also shared insights on phosphates operations in Morocco, noting that the exports of this material and its derivatives increased by 5.3%.
The report explained that the higher development is attributed to higher sales of natural and chemical fertilizers, as well as phosphates despite a decline in phosphoric acid exports.
Exports from electronics and electricity sector, however, declined by 6.7% due to a 23% drop in electronic component sales.
