Speaking during the monthly session of oral questions in the House of Representatives devoted to the theme “the centrality of the foreign trade sector in the development of the national economy”, Mr. Akhannouch specified that these revenues represent an increase in value by 5.3% (i.e. +16.8 billion dirhams) compared to the same period of the year 2023.
This progression is mainly attributable to the increase in demand for Moroccan products in international markets, an observation wich reflects “the efforts of the Kingdom in favor of balancing the trade balance, thanks to the enormous potential offered by automotive and aeronautics sectors.
He noted in this context that 2023 constitutes an extraordinary year for the automotive sector in Morocco, which has regained its leading position as the first exporting sector, with a significant increase in exports exceeding 28%, an increase of around 33%. MMDH compared to the year 2022.
The head of government specified that a significant increase of 7% in exports from the automotive sector was recorded during the first nine months of 2024 (i.e. 115.4 billion dirhams), noting also that we are witnessing a notable boom in aeronautics which has taken advantage of the Kingdom’s potential in terms of the establishment of numerous renowned foreign manufacturers, resolutely part of the dynamic at work under the leadership of His Majesty the King Mohammed VI.
Exports of the aeronautical industry have indeed achieved “satisfactory” results, with a significant increase of 3.8% in 2023, for a value of 841 million dirhams, he added, noting that exports of the sector continued to progress, with an increase of 20% at the end of September 2024. This positive development is due to the 31% increase in sales in the assembly category, to reach the 12.9 billion dirhams, as well as sales of cabling systems.
For exports of phosphate and its derivatives, they recorded a significant improvement, amounting to 60 billion dirhams during the period January-September 2024, an increase of 11.3% compared to the same period of the year. previous one, he continued.The development experienced by the export basket reveals that the Moroccan economy is moving towards greater diversification.
He also noted that exports from the textile and clothing sector increased with 2.2 billion dirhams (+5%), for a total value of more than 46 billion dirhams in 2023.
As for the electronics sector, it recorded a growth of 21% in its exports, an increase of around 3.2 billion dirhams, he saeid, explaining that this progression is mainly due to increase in sales of electronic components.
As for agricultural exports and the agri-food industry, Mr. Akhannouch noted that despite the succession of years of drought,causing a decline in the volume of exports of 15% in 2023,their value maintained record levels to exceed the threshold of 80 billion dirhams with a total value of 83.2 billion last year.
in this context, he indicated that the value of these exports amounts to 62.2 billion dirhams at the end of September 2024, a performance which positions agriculture in second place among the most exporting sectors in the Kingdom.
These exports will, according to him, be increasingly intensified in the future thanks to the establishment of new water desalination units, in particular the Dakhla project whose completion is scheduled for the end of 2025, which will make it possible to cultivate 5,000 hectares of new irrigated land.
He estimated that the significant evolution of agricultural exports is mainly explained by the significant increase in prices of agricultural products on international markets, as well as by the efforts made to diversify markets and improve quality. Moroccan products.
What challenges might affect the growth of Morocco’s foreign trade in the coming years?
Interview Between Time.news Editor and Expert on Foreign Trade
Time.news Editor: Thank you for joining us today. The recent session in the House of Representatives highlighted an interesting development regarding Morocco’s foreign trade sector.Could you share your insights on the significance of the reported 5.3% increase in trade revenues, amounting to 16.8 billion dirhams, in comparison to last year?
Expert: Certainly! The reported increase in trade revenues is quite meaningful for several reasons. First, it indicates a resilient economic recovery following the challenges posed by the global pandemic and other economic disruptions. A 5.3% growth signals that Moroccan exports are gaining traction both in conventional markets and possibly new ones.
Time.news Editor: Absolutely.Mr. Akhannouch emphasized that the centrality of the foreign trade sector is crucial for national economic development. In your view, how does the foreign trade sector contribute to the overall economic landscape of Morocco?
Expert: The foreign trade sector plays a pivotal role in economic growth by boosting local industries, creating jobs, and increasing national income. When exports increase, it reflects a stronger demand for Moroccan products on the global stage, which in turn encourages local manufacturers to scale up operations. This growth can also attract foreign direct investment, as investors tend to gravitate towards markets with robust trade activities.
Time.news Editor: With such positive indicators, what sectors do you think are driving this growth in Moroccan foreign trade?
expert: I believe that sectors such as agriculture, automotive, and textiles are at the forefront. Morocco has established itself as a leading exporter of agricultural products in Europe, and the automotive sector has been expanding rapidly, with several international companies setting up production facilities in the country. The textile industry also remains a significant player, with strong demand from European markets.
Time.news Editor: given these developments, what challenges do you foresee that could potentially impact Morocco’s foreign trade in the near future?
Expert: while the outlook is positive, there are several challenges to watch. Global economic uncertainties, especially in key markets, can affect demand for Moroccan exports. Additionally,logistical issues,such as supply chain disruptions and rising shipping costs,could impact trade efficiency. Furthermore, Morocco needs to stay competitive in terms of product quality and innovation to maintain its market presence.
Time.news Editor: Those are valid points.as we look ahead,what strategies should Morocco consider to further enhance its foreign trade and capitalise on this growth?
Expert: Morocco should focus on diversifying its export products and markets to reduce dependency on any single sector or region. Investing in technology, ensuring quality standards, and enhancing skills in the workforce will be essential. Moreover, forging strategic trade agreements and collaborations with other countries can open new avenues for growth. Lastly, promoting sustainability in trade practices could enhance Morocco’s reputation in global markets, aligning with the increasing demand for environmentally kind products.
Time.news Editor: Thank you for your valuable insights. It’s clear that while Morocco’s foreign trade sector shows promising growth, a proactive approach to addressing challenges and capitalising on opportunities will be crucial for enduring development.
Expert: Thank you for having me. It will definitely be interesting to monitor how Morocco navigates the complexities of foreign trade moving forward.