Morocco’s automotive industry exports up 16% in 2021

Morocco’s automotive industry exports up 16% in 2021

Morocco’s car industry sales rose 16% to stand at 84 billion dirhams, or $9 billion, contributing largely together with phosphates and agri-food products to a significant rise in exports.

Morocco is home to two plants of French carmakers PSA and Renault as well as car part suppliers.

Last year’s car exports outperformed pre-pandemic levels posted in 2019, further highlighting Morocco’s competitiveness as a car manufacturing hub.

Phosphates and fertilizers exports came second with 80 billion dirhams ($8.5 billion), thanks to higher prices in international markets.

In total, Moroccan exports in 2021 rose 24.3% to 327 billion dirhams but they were still below imports which posted an increase to 526 billion dirhams, up 24.5%.

The surge in the cost of imports was largely due to a rise in the bill of finished products and energy.

Morocco imports most of its energy needs and last year the energy bill expanded 51% to 75.6 billion dirhams amid a rise in prices in the international market in a context of global post-pandemic recovery.

Remittances from Moroccans abroad hit a record 93.2 billion dirhams, while tourism receipts stood at 34 billion dirhams.

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