Sales in Morocco’s automotive sector have increased by 30.5%, reaching 116.38 billion MAD at the end of October 2023, according to the latest monthly indicators of foreign trade published by Morocco’s Exchange Office.
The growth is attributed to increased sales in the construction segment (+10.873 billion MAD), wiring segment (+9.641 billion MAD), and interior vehicles and seats segment (+1.915 billion MAD).
Morocco’s central bank, Bank Al-Maghrib (BAM), forecast that exports are expected to strengthen by 5.8% in 2024, primarily reflecting the continued strong performance of the automotive sector, with sales set to reach 155 billion MAD, in addition to the anticipated revenue from phosphate and derivative exports reaching 84.6 billion MAD.
The positive performance of the sector attests to the various stakeholders’ sustained efforts to strengthen the competitiveness and attractiveness of the national automotive industry, including investment in infrastructure and training of skilled labor which promotes the establishment of businesses, job creation, and the growth of exports.
Two innovative projects, introduction of a model for the first Moroccan car and a prototype for a hydrogen-powered vehicle, are enhancing the promotion of the “Made In Morocco” label and consolidating the Kingdom’s position as a competitive platform for automotive production.