Morocco’s Automotive Exports Surge 50% in Early 2023, Boosting Economy

The increase in Moroccan automotive exports during this period is due to an increase in sales of its various segments (construction, wiring, interior and seats), indicates the Office des Changes in its latest monthly note. The document also reveals an increase in sales in electronics (36.4%), textiles and leather (15.1%) and agri-food (1.3%), while noting a 25.3% decrease in the phosphates and derivatives sector.

In total, Moroccan exports increased by 7.9% against 11.6% for imports, leading to a 17.8% increase in the trade deficit at the end of February, with a coverage rate of 60.5%. The Office des Changes also indicates an increase in foreign direct investment (19.8%) and in remittances from Moroccans residing abroad (28.6%), reaching 17.3 billion dirhams (1.6 billion euros) at the end of February.

The note also highlights the continued recovery of the tourism sector, with receipts reaching 16 billion dirhams (1.4 billion euros) at the end of February, compared to 3.6 billion dirhams (320 million euros) a year earlier. "Receipts exceed the level reached at the end of April 2020 (12.2 billion dirhams or 1.1 billion euros), the period preceding the border closure due to the Covid-19 pandemic," the note states.