The Office des Changes announced that Morocco’s exports from the automotive sector reached over MAD 90.4 billion in the first eight months of 2023, witnessing an increase of 35.6% compared with the same period in 2022.
In its recent bulletin on monthly foreign trade indicators, the Office explained that this increase is due to higher sales in all segments of the sector, essentially the construction segment (MAD +9.76 billion), the wiring segment (MAD +8.28 billion), and the vehicle interiors and seating segment (MAD +1.6 billion).
This development is also attributable to lower sales of natural and chemical fertilizers (-35.1%), phosphoric acid (-46.8%), and phosphates (-56.2%). There has been a slight increase in sales in the agriculture and agri-food sector in the first eight months of 2023.
The Office stressed that this increase is essentially attributable to growth in exports from agriculture, forestry, and hunting (+1.8%), which were mitigated by a fall in sales from the food industry (-2.8%).
According to the Office, Morocco’s trade deficit narrowed by 9.4% to MAD 191.8 billion under these conditions. Imports decreased by 3.9% to MAD 471.86 billion, while exports rose by 0.2% to over MAD 280 billion.
The same source added that the coverage rate rose by 2.4 points to 59.3%, compared with 56.9% in 2022. The decline in goods imports was mainly due to lower purchases of energy products, semi-finished products, and raw materials.
The Office underlined that the energy bill fell by 22.6% to MAD 79.47 billion at the end of August 2023. Imports of semi-finished products fell by 13.5%, due to lower purchases of ammonia (MAD 5.44 billion versus MAD 13.58 billion).
Similarly, imports of raw products fell by 25.4% to MAD 23.89 billion. Imports of food products remained virtually stable at MAD 60.15 billion.
Imports of finished consumer goods increased by 14.1%, mainly as a result of a 31.4% increase in purchases of parts and components of passenger cars, and a 28.8% increase in purchases of passenger cars.