Morocco’s exports hit new records, beating post-Covid-19 fears

Morocco’s exports have climbed sharply during the past five years, reaching their highest levels on record, confirming the resilience of the country’s economy and its recovery after covid-19 crisis.

During the first seven months of 2021, exports of Morocco jumped by 23.2% to over $19 billion compared to the figures recorded the same period of last five years, according to latest data released by the Moroccan Foreign Exchange Office.

The rebound in Morocco’s foreign trade with its partners was driven by the good performance across major industrial sectors, including the automotive sector which posted a 38% increase in exports reaching $5 billion, phosphates & derivatives (+30.3%) and textiles & leather (+23.7%).

According to Morocco’s Central Bank projection, the country’s economic growth is expected to reach 5.3% in 2021 and to consolidate to 3.3% in 2022 due to an increase in the value added of non-agricultural activities and a rebound in the agricultural sector.

 

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