Morocco's exports of aeronautics, automobile and phosphates sectors rise in the first half of 2024
The latest data published by the Moroccan Bureau de Change reveal that the aeronautics, automobile and phosphates sectors were the ones that most increased their exports during the first half of the year
According to figures from the latest report by the Bureau de Change, an agency under the Ministry of Economy and Finance, exports from the Moroccan aeronautical sector amounted to 12.97 billion dirhams (about 1.3 billion dollars) between January and June, representing a growth of 16.5% compared to the same period in 2023.
Aeronautics sector
Moroccan economic authorities attribute this increase to the assembly sector, whose figures rose by 27.7 % year-on-year, totalling 8.44 billion dirhams (858 million dollars).
The electrical wiring interconnection systems (EWIS) sector, on the other hand, recorded a moderate decline of 0.1%, after posting sales of 4.46 billion dirhams (453 million dollars).
Morocco aims to double the number of jobs in the aerospace sector in the next six years, as indicated by the Minister of Industry and Trade, Ryad Mezzour, at the Farnborough International Airshow in July.
According to Mezzour, "following King Mohammed VI's vision for the aerospace sector, Morocco has established itself as a key player, demonstrating its capabilities at all levels of production. This means a new industrial era focused on sovereignty, the creation of quality jobs and the advancement of the sector".
Between January and May 2024, the Moroccan aerospace sector generated revenues of 10.68 billion dirhams (about 1 billion dollars), an increase of 17.6% compared to the same period last year.
Automotive sector
The bureau de change report also reveals that exports by the automotive industry, one of the most important sectors of the country's industry, grew by 9% year-on-year in the first half of the year to 80.54 billion dirhams (820 million dollars).
The increase is explained by sales growth in sub-sectors such as vehicle interiors and seats (+18.9%), construction (+8.4%) and cabling (+8.2%).
Phosphates and other sectors
As for phosphates, which have traditionally been the main protagonist in exports from Morocco, they totalled 38.56 billion dirhams (4 billion dollars), representing a growth of 7.5 % compared to the first half of 2023.
This increase was facilitated by a 31.5% growth in phosphate sales, and 6.5% growth in natural and chemical fertilisers.
By contrast, exports of textiles and leather fell by 7.2% to 23.44 billion dirhams, and those of other mining and quarrying fell by 5.2% to 2.67 billion dirhams.
Exports of electronics and electricity fell by 4.4% to 8.65 billion dirhams, while agriculture and agri-food exports fell by 2.6% to 46.23 billion dirhams.