Morocco’s car industry sales rose 16% to stand at 84 billion dirhams, or $9 billion, contributing largely together with phosphates and agri-food products to a significant rise in exports.
Morocco is home to two French carmakers PSA, Renault and car parts suppliers.
Last year’s car exports outperformed pre-pandemic levels posted in 2019, further highlighting Morocco’s competitiveness as a car manufacturing hub.
Due to higher international prices, phosphates and fertilizers exports ranked second at 80 billion dirhams ($8.5billion).
Although Moroccan exports increased 24.3% to 327 Billion Dirhams in 2021, they were still below imports, which saw an increase of 526 Billion Dirhams, an increase of 24.5%.
The rise in import costs was largely due a rise in energy and finished product prices.
Morocco imports the majority of its energy needs. Last year, the energy bill increased 51% to 75.6 Billion Dirhams. This was despite a rise in international market prices in a global recovery from the pandemic.
Remittances from Moroccans abroad reached a record 93.2 million dirhams, while tourism receipts reached 34 billion dirhams.
Source: north africa post
