Automobile sector sales reached nearly 82.02 billion MAD by the end of July 2023, climbing by 37.4% year on year, according to Morocco’s foreign exchange regulator, the “Office des Changes.”
The office reported in its monthly indicators of foreign trade that this growth is the result of the increase in sales across all segments of the automotive sector, including construction (+31.4% / +9.08 MMDH), wiring (+43.9% / +7.87 MMDH), and interior vehicles and seats (+36.2% / +1.48 MMDH).
Additionally, sales in the electronics and electricity sector increased by 34.6% (+3.46 MMDH), reaching 13.48 MMDH by the end of July 2023, compared to 10.01 MMDH at the end of July 2022.
Textile and leather exports grew by 11.5% (+2.95 MMDH). This increase can be attributed to the rise in sales of ready-made garments (+15.4%), knitwear (+5.2%), and footwear (+5.1%). However, sales in the agriculture and agri-food sector witnessed a slight decline during the first seven months of 2023, primarily due to a decrease in food industry exports (-2.2%).
Sales in agriculture, forestry, and hunting remained stable, while the aerospace sector saw a 1% decrease in sales.
Morocco’s phosphates and its derivatives exports amounted to 40.86 MMDH by the end of July 2023, compared to 68.37 MMDH the previous year. This decline is due to the decrease in sales of natural and chemical fertilizers (-36.5%), phosphoric acid (-46%), and phosphates (-53%). The level recorded by the end of July 2023 remains higher than those recorded during the same period from 2019 to 2021.