Office des Changes: Phosphates, Derivatives, First Export Sector in 2022

The Office des Changes reported that phosphates and derivatives were the leading export sector in 2022, with a total of over MAD 115,5 billion, which represents an increase of almost 43.9% in comparison to 2021.

The Office pointed out in its annual report on Morocco’s foreign trade that phosphates and derivatives exports contributed a third (+35,5%) to the rise in overall exports. 

According to the same source, foreign sales in the automotive sector grew by 33% in 2022 compared to 2021. The reason behind this increase is exports from the construction ecosystem (MAD +15,7 billion) and the wiring ecosystem (MAD +7,3 billion).

In terms of the “Agriculture and agri-food” sector, exports rose by 19,1%, primarily boosted by increased sales from the food industry (+19.8%) and agriculture, forestry, and hunting (+17.9%).

The textile sector also improved its exports by 20,7%, due mainly to higher exports in terms of ready-made clothing (MAD +5 billion). 

Similarly, the exports of aeronautics, electronics and electricity also increased by over  34,9% and 38,4% respectively.

The Office explained that the growth in aeronautics is a reflection of higher exports in the assembly segment (MAD +3,9 billion), while exports in the electronics and electrical sector were boosted mainly by sales of electronic components (MAD +2,6 billion) and wires and cables (MAD +1.9 billion). 

Morocco’s exports were also dominated by seven products, which accounted for 57,6% of total exports.

Natural and chemical fertilizers topped the list of exported products (18,5%), ahead of passenger cars (12,4%), wires, cables, and other insulated conductors for electricity (8,7%), ready-made garments (6,4%), phosphoric acid (5,3%), parts of aircraft and other air or space vehicles (3,2%), and phosphates (3.1%).

In addition to monitoring the economy, this report is a response to the information needs expressed by public authorities, international organizations, and domestic and foreign economic operators.

The publication of this report is part of the Office des Change’s efforts to provide more information on foreign trade statistics.

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