Morocco’s Exports Surge Despite Pandemic, Boosted by Industrial Initiatives

This health crisis has, of course, slowed the increase in exports, particularly due to confinement and border closures, but this pause has also allowed the sector to restart on a good footing, according to an analysis by the MAP.

Analysts take into account the latest statistics from the Foreign Exchange Office, which show an improvement in exports, once again confirming the resilience of certain export sectors in the Kingdom.

In detail, exports in the automotive industry, the flagship of Moroccan industry, generated nearly 152.88 billion dirhams (MMDH) in the first half of 2021, the highest level reached during the same period over the past five years, the analysis points out.

Textile and leather exports increased by nearly 35% in the first half of 2021. This development is due to the increase in sales of ready-made garments by 43.1% and those of knitwear by 52.5%.

Following these two sectors, the locomotive of Moroccan exports, the analysts place the agri-food and phosphates sectors, which recorded export growth of 6.5% and 23.8% respectively over the same period.

Industrial Project Bank for the Recovery

Launched last year, the project bank is a wise decision given its considerable expected impact on the promotion of local industrial investment. In addition to its import substitution asset, this mechanism would be able to create real synergy for exports and consequently have a positive impact on the trade balance.

In light of the first progress report on this bank, a total of 523 industrial investment projects have been validated up to the beginning of June last, representing a potential for import substitution of around 35.5 MMDH and an export potential of 50 MMDH, the same source notes.