Morocco’s automotive exports record 30.1% increase, reaching $5.1 Billion as of June

Morocco’s automotive exports have recorded a 30.1% increase in the first half of 2022, reaching $5.1 Billion, compared to $4.0 billion a year earlier.

The Moroccan automobile exports have thus confirmed their upward trend, during the first six months of the year, their highest level compared to the same period of the last five years, indicates the Foreign Exchange Office.

Auto sales continue to boom. Exports from the sector increased by 30.1% at the end of June 2022, amounting to 52.84 billion dirhams against 40.61 billion dirhams a year earlier, indicates the Foreign Exchange Office.

Meanwhile, the shares of sales in the automotive sector declined by 2.1 points during the same period.

Recent statistics from the Association of Vehicle Importers in Morocco reported a decrease in the sales of new cars in the North African country.

Compared to the same period last year, the association said the sales of new cars saw a decrease of 11.3% as of July 2022.

In addition to the automotive sector, the exchange office revealed data on overall exports of goods, which increased by 41.2%, totaling MAD 215.07 billion ($20.89 billion) against MAD 152.35 billion ($14.8 billion) a year earlier.

The increase in exports is not specific to the automotive sector, but concerns all sectors, topped by phosphates and derivatives, agriculture and agri-food as well as the textile and leather sector.

Sales of phosphates and derivatives thus increased by 84.3% to reach $5.6 billion in the first half of 2022 against $3.1 billion in the same period a year earlier.

This development follows, mainly, the increase in sales of natural and chemical fertilizers (+19.72 billion dirhams) due to the price effect which more than doubled (8,656 DH/T at the end of June 2022 against only 3,671 DH/T at the end of June 2021). On the other hand, the quantities exported fell by 15.1%, according to the Foreign Exchange Office.

At the same time, exports of the agriculture and agri-food sector stood at $4.48 billion at the end of June 2022 against $3.6 billion for the same period of the previous year, an increase of 24.8%. This development is explained by the simultaneous increase in sales of the food industry (+30.8%) and agriculture, forestry and hunting (+19.1%).

Growth was also scored in the sectors of textile and leather whose exports increased by 32.4% in the first six months of 2022. This development is attributable to the increase in sales of the main segments of this sector, in this case, ready-made garments (+36.3%), knitwear (+27.4%) and footwear (+27.9%).