Morocco has consolidated its position as Africa's leading car manufacturing hub, overtaking South Africa in 2018 to become the continent's largest car manufacturer.

The Moroccan automobile industry continues to experience impressive growth, with exports set to reach 44 billion dirhams ($4.3 billion) by the end of April 2023, according to data from the Moroccan Exchange Office (OE).

In a monthly report, the OE highlighted that the monetary value of the automobile industry's exports increased by 40.4% compared to the same period of the previous year.

The OE attributed the upward trend to increased sales in all segments of the sector, such as construction at 40.4%, wiring at 43.4% and vehicle interiors and seats at 29.2%.

In addition to the automobile industry, Moroccan exports of textiles and leather also experienced a notable increase of 11.6%, totaling 1.6 billion dirhams ($157 million) in the first four months of 2023.

The electrical and electronics industry saw a substantial increase in sales, growing by 34%, while the mining sector saw a more modest growth of 1.6%.

However, it should be noted that exports of phosphates and derivatives experienced a decline, standing at 24 billion dirhams ($2.3 billion) at the end of April 2023, compared to 35 billion dirhams ($3.4 billion) at the same time. 2022 period.

This downward trend can be attributed to the decrease in sales of natural and chemical fertilizers by 30.5%, phosphoric acid by 30.5% and phosphates by 0.6%.

Morocco has consolidated its position as Africa's leading car manufacturing hub, overtaking South Africa in 2018 to become the continent's largest car manufacturer.

In 2021, the country signed 25 trade agreements with various car manufacturers in the European Union and the United States.

The growing demand for passenger vehicles has prompted international manufacturers such as Dacia, Renault, Peugeot, BYD and Volkswagen to establish production plants in Morocco such as Dacia, Renault, Peugeot, BYD and Volkswagen.

According to research by advisory firm Mordor Intelligence, Morocco's automotive industry is expected to grow by approximately $14 billion by 2026. The industry's potential is underlined by forecasts suggesting that Morocco will be able to produce one million cars by 2030, potentially surpassing Italy in vehicle production.

Morocco's commitment to industrial development, especially in the automotive sector, has earned it the country's recognition. The 2022 “African Industrialization Index” ranked the country second in improving industrialization in Africa.

Source: MoroccoWorldNews