The phosphates and derivatives sector has once again become the leading export sector, neck and neck with the automotive sector.
But these two rivals, along with the agriculture and agri-food sector, have plateaued at the top of national export sales.
Phosphates and phosphate derivatives, with a total of MAD 115.5 billion in 2022, compared with MAD 80.3 billion at the end of 2021, is up 43.9% on the latter, according to the Change Office, and continues to demonstrate its legendary know-how, positioning this sector as the leading exporter in 2022.
Its exports accounted for a third (+35.5%) of the increase in overall exports, says the public foreign exchange reference organization, in its annual report on Morocco’s foreign trade for the year 2022, responding to the information needs expressed by public authorities, international organizations and national and foreign economic operators.
This is due to the price effect, up 74.4% (MAD 8,326/T at the end of 2022 versus MAD 4,775/T at the end of 2021)”.
To this and other ends, the Office reported that Morocco’s trade transactions with the rest of the world amounted to MAD 1,166 billion in 2022, an increase of 35.9% on 2021.
The Office further indicated that this growth was mainly due to the doubling of imports, which rose by 39.5%, and exports (+30.1%), pointing out that the trade balance fell to MAD 308.8 billion.
That said, foreign sales in the automotive sector are expected to rise by 33% in 2022 compared with 2021, according to the same source. Exports from the construction ecosystem (MAD +15.7 billion) and the wiring ecosystem (MAD+7.3 billion) are behind this increase.
Exports from the “Agriculture and agri-food” sector rose by 19.1%, driven mainly by higher sales from the food industry (+19.8%) and agriculture, forestry and hunting (+17.9%).
This increase was driven by exports from all sectors, with phosphates and derivatives, the automotive sector and agriculture and agri-food leading the way, according to the public body.
Morocco’s second-biggest export sector at the end of 2022, sales in the automotive sector reached MAD 111.3 billion that same year, up 33% on the previous year (MAD +27.6 billion), according to last year’s foreign trade indicators, which show that this mainly concerned sales in the manufacturing segment (+40%), and to a lesser extent the wiring segment (+28.9).
Export sales in all segments of the automotive sector gained considerable ground in the first few months of this year, sometimes even becoming Morocco’s leading export sector.
This sign of good health is due to the fact that Morocco is home to major factories as well as an automotive ecosystem exporting wiring harnesses, interior parts and other components. Renault produces 400,000 vehicles a year and Stellantis 200,000, making Morocco the world’s twentieth-largest automaker.
The Office points out that exports from the agricultural and agri-food sector will reach 81.2 MMDH by the end of 2022, compared with MAD 69.9 billion in 2021.
The textile and leather sector is not to be outdone in this generalized increase, with exports up 20.7% thanks in particular to a rise in exports of ready-made garments (+21.9% or MAD+4.9 billion), knitwear (+12.5% or MAD +944 million) and footwear (+32% or +857 million).
Exports of aeronautics (mainly the assembly segment) and electronics and electricity (electronic components) continued to rise, with rates of 34.9% and 38.4% respectively.