Remarkable Surge in Chemical Imports
In May, Morocco recorded a striking increase in chemical imports from the Turkish Mediterranean region, amounting to $43.5 million. This figure represents an astonishing year-on-year growth of 1,471%, as reported by AKMİB. The sector is primarily dominated by mineral fuels, mineral oils, and their derivatives, establishing Rabat as a pivotal player in the North African expansion of the Turkish chemical sector, alongside Egypt, which reported imports of $32.3 million, marking an impressive rise of 186%.
Insights into Export Dynamics
AKMİB attributes this remarkable uptick to a significant scale shift within the industry, stating, "The 63% increase in exports during May reflects the competitive strength of our members and their ability to expand their markets, with over $2.92 billion exported in the first five months, representing a 28% rise year-on-year." In May alone, AKMİB reported sales totaling $637.2 million, accounting for 21.4% of the $2.98 billion exported by the entire Turkish chemical sector.
The breakdown of these sales highlights the driving force behind Morocco's chemical import surge. Mineral fuels, mineral oils, and related products contributed $465.2 million to this total, representing a 123% increase and 77% of the regional total. AKMİB identifies this category as the "backbone of regional exports," with 641.9 million kilograms shipped, an increase of 9% in volume. Following closely are plastics and plastic products, which generated $67.5 million in sales, reflecting a 15% increase, while inorganic chemicals amounted to $25.5 million.
Spain continues to lead the market hierarchy, with imports totaling $130.8 million, which constitutes 22% of the total, after a staggering increase of 1,929%. The Netherlands ranks second with $85.9 million (14%), followed by Italy at $51.3 million. Morocco stands out as a significant market outside the European Union, showcasing growth that surpasses France, where imports reached $20.6 million after a 152% rise.
AKMİB connects Morocco's ascent to the geographical expansion of Turkish sales around the Mediterranean, asserting that "from Europe to Africa, from the Mediterranean basin to neighboring countries, the association is enhancing its presence across a vast area while deepening its established markets." For Morocco, the key figure remains the $43.5 million worth of chemical products imported from the Turkish Mediterranean in May, representing a nearly sixteen-fold increase in just one year.
As reported by barlamane.com.
