Currency Exchange: Moroccan Phosphate and Automobile Exports Hit Record Figures

Soukaina Sghir
Soukaina Sghir
3 Min Read

Morocco’s phosphate and motor vehicle exports reached record levels totalling AED 190 billion in the first 10 months of the year.

Total phosphate sales and derivatives totalled AED 100 billion at the end of October, up 63% from the same period last year, which generated AED 61.4 billion, according to Exchange Office transaction data.

According to official data, the high value of phosphate exports is mainly due to the increase in exports of natural and chemical fertilizers, from Dh4,411 per tone in October 2021 to Dh4,411 per tone in October last year. It doubled to Dh8,770 per ton and exports increased by 10 per decade. tone tons returned cents.

Outbound sales for the automotive sector rose 36.7% to around AED 89.1 billion, compared to AED 65.2 billion in the first ten months of last year, the highest figure in five years, according to the Foreign Exchange Department.

The agriculture and food sector as the third source sector achieved 66.9 billion dirhams at the end of October, up almost 19.9% ​​from the previous year and reaching the highest level since 2018.

Meanwhile, textile exports increased by 24.4% to 37.4 billion dirhams compared to 30.1 billion dirhams in the same period last year.

Energy prices in Morocco continue to reach unprecedented levels. He reached AED 128.3 billion on the international market at the end of October as the price of energy materials soared, more than doubling the amount imported in the same period in 2021.

Food imports cost Morocco AED 73.5 billion, an increase of about 54.4%, and include wheat, barley, raw sugar and refined ingredients, the prices of which have increased significantly around the world.

Morocco’s imports over the last 10 months reached AED 614 billion compared to AED 426 billion last year and exports reached AED 354 billion compared to AED 259 billion in 2021.

Among other things, the exchange reported that the trade deficit worsened by 56.4% between October 2021 and October 2022, with the import-export coverage ratio declining by 3.3 percentage points to 57.6% from 60.9% the previous year.

Nour el Houda Bouzammour

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