Morocco: Automobile exports to reach $13 billion by 2023

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[ACCI-CAVIE] Morocco’s automotive industry continues to perform exceptionally well, with an impressive 30% increase in exports in 2023, reaching a total of 13 billion dollars at the end of November. According to a report by the Office des Changes (OE), the body responsible for monitoring the country’s foreign trade, automotive industry exports reached the sum of 130.6 billion dirhams, or 13 billion dollars, over the same period.

This historic record places the automotive sector at the top of Morocco’s export list for the first time, surpassing even the phosphate industry, which generated exports of 67.2 billion dirhams ($6.7 billion). The OE report attributes this increase in exports to the exceptional performance of various sub-sectors of the industry. Sales of structural components for the automotive industry rose by 12.6 billion dirhams, while wiring components, vehicle interiors and seats also recorded significant increases.

This spectacular growth in exports testifies to the strength of the Moroccan automotive sector, which is experiencing promising developments and benefiting from consumer confidence in some of its components. Morocco’s automotive industry has been widely praised for its impressive evolution over the years from basic vehicle assembly to a complete manufacturing industry. It has attracted major global players and focused on the production of high value-added components, research and development, and the manufacture of electric vehicles.