Phosphate Trade Surges as Morocco's Export Powerhouse Fuels Growth

Wednesday 05 June 2024 - 09:15

Morocco's economic prowess shines brightly through its flourishing phosphate sector, propelling the nation's export figures to unprecedented heights. Recent data from the Foreign Exchange Office vividly illustrates the remarkable growth of this industry, with phosphate and its derivative products generating an impressive 25.23 billion dirhams in sales during the first four months of the current year.

This staggering figure represents a 4.7% surge compared to the 24.10 billion dirhams recorded at the end of April 2023, positioning Morocco as a global phosphate powerhouse. While there was a slight dip of 435 million dirhams in phosphoric acid sales, this was more than offset by the soaring demand for natural and chemical fertilizers, which witnessed a remarkable increase of 1.28 billion dirhams, along with a 285 million dirham rise in phosphate exports.

The aeronautics sector has also seen a remarkable surge, with exports increasing by 17.3% to an impressive 8.32 billion dirhams. This growth can be attributed to the rising demand for assembled products, which saw an uptick of 1.16 billion dirhams, complemented by a 64 million dirham increase in electrical wiring interconnection system (EWIS) exports.

Similarly, the automotive industry has experienced significant growth, with exports accelerating by 12.8% to reach a windfall of 52.71 billion dirhams. This surge can be credited to a boost of 2.79 billion dirhams in manufacturing sales, along with increases of 1.82 billion dirhams in electrical wire exports and 521 million dirhams in car interior and seat sales.

However, the electronics and electricity sector has witnessed a downturn of 9.7%, settling at 5.29 billion dirhams. This decline can be attributed to a slump of 683 million dirhams in electronic component sales, despite a modest uptick of 92 million dirhams in circuit breaker and conductor exports.

The agriculture and food industries have also experienced a contraction of 1.9%, settling at 33.69 billion dirhams, driven by a slide of 784 million dirhams in food industry exports. Meanwhile, the textile and leather sector has retreated by 6%, totaling 15.21 billion dirhams, due to a dip of 599 million dirhams in woven apparel sales and a decline of 171 million dirhams in footwear exports.

As of April 2024, Morocco's total export figures have surged to 150.49 billion dirhams, marking a robust 3.5% increase from the 145.40 billion dirhams recorded a year earlier. This remarkable achievement underscores the nation's unwavering commitment to economic diversification and its steadfast pursuit of global market dominance.