Morocco’s automotive, phosphates exports mitigate an expanding trade deficit

Morocco’s automotive sector, phosphates, agri-food and the aerospace industry exports showed resilience in the face of global economic uncertainties and helped mitigate an expanding trade deficit in the first four months this year.

Home to production plants by Stellantis Renault and part suppliers, the automotive sector sold 49 billion dirhams, down 7%, topping all industrial exports.

Thanks to the World’s largest reserves, Morocco exported 27.6 billion dirhams of phosphates and fertilizers, up 12.3%.

The phosphates giant OCP said earlier this week exports have improved in the first quarter thanks to higher demand from key markets in Europe, Brazil, India and Africa and Chinese DAP/MAP export restrictions.

The growing aerospace industry reported exports up 1% to 9 billion dirhams, while the agrifood industry exports were stable at 35 billion dirhams.

Most of Morocco’s imports were finished and semi-finished products, consumption goods, and equipment totaling 178 billion dirhams.

Food imports, including wheat, rose to 33.4 billion and energy imports decreased to 37.29, thanks to a drop in prices.

Remittances from Moroccans abroad, key to its inflow of hard currency, dropped 3.7% to 35.9 billion dirhams, while tourism revenue was up 7.5% to 34.5 billion dirhams.

Foreign direct investments rose 22.8% to 17.2 billion dirhams.