Morocco's exports have maintained their upward trend, reaching an estimated total of MAD 331 billion at the end of September 2024, said the Kingdom's Head of Government Aziz Akhannouch on Monday in Rabat. These revenues reflect a 5.3% (MAD 16.8 billion) year-on-year increase in value.
Speaking at the House of Representatives, Akhannouch pointed out that this growth is mainly attributed to the high demand for Moroccan products in international markets, illustrating "the Kingdom's efforts to balance its trade, thanks to the enormous potential offered by the automotive and aerospace sectors."
The head of government stated that 2023 has shaped up to be an exceptional year for the automotive sector in Morocco, which has bounced back to reclaim its statuts as the top export sector. Exports have surged, showing a significant increase of over 28%, totaling around MAD 33 billion compared to 2022.
He clarified that automotive sector exports experienced a 7% increase during the first nine months of 2024 (totaling MAD 115.4 billion). He also noted the notable boom in the aerospace industry, leveraging the Kingdom's assets, particularly through the establishment of many renowned foreign manufacturers, who are resolutely committed to the dynamic launched by His Majesty King Mohammed VI.
Aerospace industry exports brought "satisfactory" outcomes, with a significant increase of 3.8% in 2023, reaching MAD 841 million, he added, stating that exports in this sector have continued to rise, with an increase of 20% by the end of September 2024. This positive trend is attributed to a 31% rise in sales in the assembly category, reaching MAD 12.9 billion, as well as sales of wiring systems.
As for phosphate and its derivatives, exports made a significant improvement, reaching MAD 60 billion during the January-September 2024 period, representing an 11.3% increase compared to the same period last year, he noted. The development of the export basket implies that the Moroccan economy is leaning into greater diversification.
Additionally, he observed that exports in the textile and clothing sector have also increased, reaching MAD 2.2 billion (+5%), with a total value of over MAD 46 billion in 2023. In the meantime, the electronics sector experienced a 21% growth in exports, representing an increase of about MAD 3.2 billion, he revealed, primarily due to increased sales of electronic components.
Regarding agricultural and agri-food exports, Akhannouch noted that despite consecutive years of drought, which caused a 15% decline in export volume in 2023, their value maintained record levels, exceeding MAD 80 billion with a total value of MAD 83.2 billion last year. In this respect, he maintained that the value of these exports stands at MAD 62.2 billion by the end of September 2024, positioning agriculture as the second largest exporting sector in the Kingdom.
He predicted that these exports would be increasingly intensified in the future due to the establishment of new water desalination units, particularly the Dakhla project, which is expected to be completed by the end of 2025 and which will enable the cultivation of 5,000 hectares of new irrigated land.
The Moroccan Head of Government estimated that the significant growth in agricultural exports is mainly due to the substantial rise in agricultural product prices in international markets, as well as efforts made in market diversification and in improving the quality of Moroccan products.
