Morocco’s Export Boom Drives Economic Recovery, Current Account Deficit to Narrow

The upturn continues for the Moroccan economy. This improvement would be explained by the confirmed dynamism of exports, according to the latest report on monetary policy published by Bank Al-Maghrib.

It emerges from this an acceleration of imports which would increase by 16.6% in 2021, before recording a slowdown in their pace to 3% in 2022. Similarly, exports would rebound by 14.5% in 2021, then increase by 5.6% in 2022.

Behind this acceleration, several factors according to the document which specifies that the export is boosted by the sales of the automotive construction and the shipments of phosphates and derivatives. However, the increase in the energy bill and the rise in purchases of consumer goods are driving up imports.

In detail, the report indicates that for exports, apart from aeronautics, automotive sector sales have increased by 62.6% to 29.5 MMDH. Exports of phosphates and derivatives continued their momentum, with an increase of 16.9% to 18.2 MMDH, reflecting mainly a 52.7% increase in phosphoric acid sales due to a 25.7% increase in quantities shipped.

As for exports in the "agricultural and agri-food" sector, they improved by 3.2% to 26.6 MMDH. Similarly, the "electronics and electricity" and "other mining" sectors recorded increases in their sales of 33.9% and 53.9%, to stand at 4.3 MMDH and 1.4 MMDH respectively.

The document also highlights the considerable contribution in foreign exchange of Moroccans living abroad, with an increase of 7.6%, before consolidating at 2.8% in 2022.