Aerospace, automotive and electronics boost Moroccan exports

Morocco's export sector is thriving, driven by robust growth in automotive, aerospace, and electronics industries. Despite a slight decline in traditional exports like phosphates and textiles, the country saw a 3% year-on-year increase in exports, reaching 113.56 billion dirhams in March 2024, according to reports in national media. The rise in exports coupled with a decline in imports helped lower the kingdom’s trade deficit

The automotive sector posted strong growth of 13.1% and aerospace exports saw a similar jump of 13.7%. Electronics and electricity exports rose by 5%.

These increases were mirrored by declines in traditional sectors: phosphates and derivatives exports slid 2.3%, while textile and leather exports dipped 3.7%, along with a 3% decline in agriculture and agri-food exports. 

Looking at the other side of the ledger, imports declined by 4%, to 175.47 billion dirhams, thanks mainly to a 13.6% drop in energy costs driven by lower global oil prices. The combination of rising exports and declining imports narrowed Morocco’s trade deficit by 14.6%.