Morocco’s Automotive Exports Drop 10% in 2020, Leading Trade Decline

In its 2020 annual report on trade transactions, the Foreign Exchange Office specifies that total merchandise exports (expressed free on board - FOB) fell by 7.6% to 262.8 MMDH, noting that the largest declines were observed in the automotive, textile and leather, and aeronautics sectors.

In detail, the report states that this development observed in the automotive sector is mainly explained by the decline in exports of the wiring (−20%) and construction (−13.8%) ecosystems.

Similarly, textile and leather exports fell by 18.9% to 30 MMDH in 2020, a low level that has never been reached in the last ten years. This decline is explained by the simultaneous decline for the second consecutive year in clothing sales, the same source adds, noting that the aeronautics sector is following the same trend.

In addition, phosphate and derivative exports, after falling 5.9% in 2019, rebounded in 2020 to reach 50.9 MMDH. This development is the result of the increase in exports of natural and chemical fertilizers (14.6%), however mitigated by the decline in phosphoric acid exports (−16.2%).

As for the "agriculture and agri-food" and "electronics" sectors, their exports remained stable in 2020, notes the Foreign Exchange Office.

The analysis by product shows that Morocco’s exports remain dominated by seven products that account for 50.7% of total exports. Natural and chemical fertilizers rank first among exported products in 2020 (12.2%), ahead of wires and cables (10.6%) and passenger cars (10.6%).