Morocco\u2019s 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.<\/p>\n
Morocco is home to two French carmakers PSA, Renault and car parts suppliers.<\/p>\n
Last year\u2019s car exports outperformed pre-pandemic levels posted in 2019, further highlighting Morocco\u2019s competitiveness as a car manufacturing hub.<\/p>\n
Due to higher international prices, phosphates and fertilizers exports ranked second at 80 billion dirhams ($8.5billion).<\/p>\n
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%.<\/p>\n
The rise in import costs was largely due a rise in energy and finished product prices.<\/p>\n
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.<\/p>\n
Remittances from Moroccans abroad reached a record 93.2 million dirhams, while tourism receipts reached 34 billion dirhams.<\/p>\n