Morocco’s automotive exports gaining momentum

Morocco’s automotive exports gaining momentum

The exports of Moroccan automotive sector increased by 24.4% to over $4 billion during the past five months against $3.2 billion recorded the same period of last year, according to latest data released by Moroccan Foreign Exchange Office.

However, the share of car sales in total exports slightly drops to 23.4% end of May 2022 against 26.5% posted during the same period in 2021.

During the Covid-19 pandemic, the automotive market in Morocco witnessed a slump in growth due to lockdowns and disruptions in global supply chains.

The increasing investment from the leading automakers and incentives offered by the government are the major driving force of the automotive sector in Morocco.

The country has sealed several automotive free trade agreements with the European Union, the United States and many Asian countries. The North African Kingdom seeks to position itself as a major international hub for automotive production destined for exports.

The Moroccan automotive industry is thriving. The country attracted several foreign investments from international automotive firms, such as Renault, Peugeot, and the Volkswagen group.

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