Casablanca – In the first half of 2024, Morocco’s economy has shown significant growth, with the automotive sector emerging as a major driver of export performance. The sector has solidified its position as the country’s top exporter, contributing $9.56 billion to the national export revenue—an 8.5% increase from the previous year.

The automotive industry’s growth is largely attributed to its diverse segments. The construction-related automotive exports saw a 7.3% rise, totaling $4.21 billion, while wiring exports grew by 8.3% to reach $3.32 billion. Notably, exports of vehicle interiors and seats surged by 18.3%, amounting to $556 million.

This robust performance underscores Morocco’s strategic position in the global automotive industry. The sector’s growth is propelled by substantial investments in industrial complexes, particularly in the Tanger-Tétouan-Al Hoceima region, a key economic hub. The continuous influx of new brands and improvements in infrastructure, along with favorable tax incentives from the new Investment Charter, have further bolstered export figures.

Beyond automotive, other sectors have also contributed to Morocco’s economic strength. The phosphate and derivatives sector reported a 14.1% increase in exports, reaching $4.76 billion. This growth was driven by a significant rise in shipments of natural and chemical fertilizers (up 11.2% to $3.45 billion) and phosphates (up 49.4% to $504 million) and phosphoric acid (up 10.3% to $794 million).

The aerospace industry has continued its upward trajectory, with exports climbing by 20.3% to $1.58 billion. This growth is largely due to a 32.4% increase in assembly shipments, which reached $1.03 billion.

However, not all sectors have fared as well. The agriculture and agro-industrial sectors experienced a slight decline in exports, down 0.9% to $5.27 billion. Similarly, the textile and leather industries saw a decrease of 2.1%, totaling $2.87 billion, and electronics and electricity exports dropped by 2.6%.

Overall, Morocco’s total exports increased by 5.5% to $27.01 billion during the first six months of the year. This growth, however, is overshadowed by a 15.5% rise in imports, leading to a trade deficit of nearly $17.53 billion—a 1.1% increase from the previous period. The surge in imports is driven by a significant rise in finished equipment products, which increased by 9.1% to $10.43 billion. Noteworthy among these are electric vehicles, which saw a nearly 50% increase in imports, reaching $648 million, alongside piston engines and electrical circuit devices.

The Moroccan economy is experiencing a period of dynamic growth, with the automotive industry playing a pivotal role in boosting exports. While other sectors continue to evolve, the automotive sector’s expansion demonstrates Morocco’s increasing prominence on the global stage. As the country navigates its economic landscape, the continued success of its key industries will be crucial in sustaining growth and achieving a favorable balance of trade.