Morocco’s automotive industry exports up 16% in 2021
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.