Morocco’s automotive exports reached MAD 59.6 billion ($5.6 billion) at the end of July 2022, an increase of 31.6% compared to a year earlier.
This growth, according to a new Foreign Exchange Office report, is due to sales in the construction sector (+56.7%) and the wiring industry (+14.6%), despite a 2.2% decrease in exports of the vehicle and seating sector.
In just seven months, the national automotive exports have come close to the Bank Al-Maghrib (BAM) annual expectations, which predict a 33.7% growth in car exports, to reach MAD 52.6 billion ($5.2 billion) by the end of 2022.
BAM further expects that Morocco’s car exports would increase by 10.5% to MAD 58.1 billion ($5.7 billion) in 2023.
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In addition to the automotive industry, Morocco’s exports of goods amounted to MAD 246 billion ($23.3 billion) at the end of July 2022, against 174.9 billion ($16.5 billion) a year earlier, an increase of 40.7%, to reach 71.1 billion ($6.7 billion).
According to the report, this surge concerns all industries, including phosphate, agricultural and agribusiness exports, as well as textile and leather.
The value of phosphate exports climbed by 81.1% in the first seven months of 2022, reaching more than MAD 68.7 billion ($6.5 billion).
Similarly, agricultural and agri-food exports reached MAD 50 billion ($4.7 billion) at the end of July 2022, up from MAD 40.5 billion ($3.8 billion) in the same time the previous year, an increase of 23.3% or MAD 9.4 billion ($891 million).
For their part, exports of textile and leather products increased by 28.8%, representing MAD 5.7 billion ($540 million) in the first seven months of the year 2022.
SOURCE: Morocco news
