Moroccan automotive exports break record in 2023

Exports from the automotive sector reached more than 130.64 billion dirhams by the end of November 2023, registering a growth of 30.2% compared to the same period last year, according to the Bureau de Change.

On the monthly indicators of foreign trade, the Bureau explained, in its recent bulletin, that "this evolution is due to the increase in sales in the construction segment (+12.64 billion dirhams), wiring (+10.42 billion dirhams) and interior vehicles and seats (+2.19 billion dirhams)".  

The record of the Moroccan automotive sector exports reached in 2022 with more than 111 billion dirhams was broken in 2023; becoming the first export sector of the North African country, ahead of phosphates. In fact, by the end of December 2023, the figure could reach 140 billion dirhams in export sales.

According to the same source, in other export sectors, sales of electronics and electricity marked a rise of 27.3% reaching 21.3 billion dirhams by the end of November 2023.

As for exports from the aeronautics sector, they remained virtually stable, totalling almost 19.64 billion dirhams at the end of November 2023. 

Exports of textiles and leather, on the other hand, increased by 5.7%, as a result of higher sales of ready-made garments (+7.4%) and knitwear (+5.9%). While footwear sales decreased by 4.6%.

In parallel with these sectors, agriculture and agri-food recorded a slight decrease, due to the decline in sales of the food industry (-0.8%) and agriculture, forestry and hunting (-0.7%). 

In the same vein, exports of other mining and quarrying decreased by 1.7%. Indeed, sales of phosphates and derivatives reached only 67.22 billion dirhams at the end of November 2023 compared to 108.39 billion dirhams at the end of November 2022.

It should be noted that this decrease affects sales of natural and chemical fertilisers (-35.3%), phosphoric acid (-44.2%) and phosphates (-43.6%).