Sales increased by 40.5% as inflation took hold in the country.
Despite rising inflation, car sales in Morocco exceeded 21.66 billion dirhams, or $2.13 billion, at the end of February 2023.
This figure represents an increase of 40.5% compared to the same period last year, according to new data from the Foreign Exchange Office on April 1.
The office attributed the development to increases in all segments of the sector, including construction, wiring and vehicle interiors and seats.
Exports from the electronics and electricity sector increased by 36.4% to reach 3.65 billion dirhams ($360 million) during the same period. This evolution is due to the increase in sales of electronic material by 57.7%, reaching 1.4 billion dirhams (138 million dollars), as well as cables.
The automobile sector is one of the sectors that contributes the most to the Moroccan economy.
In March, the North African country signed two agreements with Renault Maroc to promote training in the sector.
The Minister of Economic Inclusion, Younes Sekkouri, underlined the importance of training in the sector, calling it a "locomotive for the preparation and mobilization of skills."
Last week, King Mohammed VI renewed Morocco's commitment to advancing the sector, emphasizing the country becoming a key industrial hub in the global market.
During the first event of the National Industry Day, King Mohammed VI highlighted that the country was positioned as a key destination for several leading industries, including aeronautics and the automobile sector.
According to the Exchange Office, sales of textiles and leather also recorded an increase of 15.1% during the first two months of 2023 thanks to the increase in exports of ready-made clothing, footwear and knitwear.
Sales of phosphates and derivatives, however, decreased to 10.96 billion dirhams ($1 billion) in February against 14.68 billion dirhams ($1.44 billion) recorded during the same period last year.
"This evolution is explained by the decrease in sales of natural chemical fertilizers, phosphoric acid and phosphates," the office explained.