Significant Growth in Moroccan Exports
According to the latest economic and financial report accompanying the draft budget law for 2027, Morocco has experienced a remarkable increase in its exports, which rose by 8.7% as of the end of August, amounting to over 334 billion dirhams (more than 34 billion USD). This growth has been largely fueled by the robust performance of sectors such as automotive, aerospace, agriculture, and food industries. The report highlights that the automotive sector continues to solidify its position as the primary driver of this export dynamism, accounting for 34.7% of total exports, with sales surpassing 116 billion dirhams, reflecting an impressive annual growth rate exceeding 14%.
Challenges and Energy Costs Impacting Trade Balance
Furthermore, the document reveals that the positive trend extends to the aerospace industry, which saw exports increase by 21.5%, reaching 23 billion dirhams, a rise attributed to the growth in exports of assembly products and electrical wiring. Despite facing structural challenges that have impacted Moroccan agricultural output, exports from the agriculture and food industries also rose by 8.3%, totaling 65.1 billion dirhams, with agricultural product exports increasing by 3.6%.
However, this favorable performance has been accompanied by a contraction in some export sectors, notably phosphates and their derivatives, which saw a 6% decline in exports, dropping to 61.1 billion dirhams. This downturn is primarily due to a decrease in sales of both natural and chemical fertilizers, although exports of phosphoric acid increased by 11.2%. Similarly, the textiles and leather sector experienced a drop in export value of approximately 5.6%, amounting to 28.7 billion dirhams, while the electronics and electrical sectors fell by 2.9%, reaching 8.9 billion dirhams.
In a related context, Morocco's imports have surged due to increased investment needs and economic activity, coupled with a 15.8% rise in international commodity prices, bringing total imports to over 617 billion dirhams. This has resulted in a national trade deficit exceeding 282 billion dirhams. The report attributes this rise in foreign purchases to a 19.3% increase in equipment imports, which reached 148.7 billion dirhams, while semi-finished goods purchases rose by 3.1% to reach 117.3 billion dirhams. Notably, the energy bill has significantly contributed to this development, soaring by 32.6% to 96.4 billion dirhams, primarily due to a 44.9% increase in imports of diesel and fuel oil, which accounted for 15.6% of total imports, compared to 13.6% the previous year.
This increase in energy costs comes amid ongoing fluctuations in global energy prices, leaving the Moroccan economy vulnerable due to its reliance on imported energy resources.
As reported by hespress.com.
