Morocco’s economy has experienced a significant boost in 2024, fueled by a remarkable rise in aerospace exports, which reached $2.16 billion.
This surge in exports, alongside gains in the phosphate and automotive sectors, highlights the country’s growing industrial prowess.
According to the latest data from the Office des Changes, Moroccan exports have experienced strong growth across key sectors, notably aerospace and automotive, during the first ten months of 2024.
Aerospace Sector Achieves Record Growth
The aerospace industry led the charge, registering an impressive 17.3% growth compared to the same period in 2023.
Exports in this sector reached 21.86 billion dirhams ($2.16 billion), driven largely by the assembly segment, which saw a remarkable increase of 26.9%, bringing in 14.26 billion dirhams ($1.43 billion).
At the 7th edition of the Marrakech Aerospace Show (MAS 2024), Minister of Industry and Trade, Ryad Mezzour, emphasized Morocco’s strategic advantages in the aerospace sector.
He highlighted the country’s political stability, robust infrastructure, favorable geographic location, skilled workforce, and attractive business environment.
These factors, according to the minister, position Morocco as a reliable partner in the aerospace industry and a rapidly growing regional hub.
Mezzour also reaffirmed the nation’s ambition to double the number of jobs in the sector by 2030.
Phosphates and Automobiles Drive Export Growth
In addition to aerospace, Morocco’s phosphate exports saw a notable increase of 12.5%, reaching 68.34 billion dirhams ($6.87 billion).
Fertilizers played a key role in this growth, accounting for 49.37 billion dirhams ($4.97 billion), followed by phosphoric acid at 11.32 billion dirhams ($1.14 billion) and raw phosphates at 7.65 billion dirhams ($770 million).
Meanwhile, the automotive industry maintained its position as the largest export sector in Morocco.
With a total of 131.35 billion dirhams ($13.28 billion) in exports, the sector grew by 8%.
This growth was largely driven by a rise in vehicle interior and seat sales (+20.9%), wiring systems (+7.9%), and vehicle manufacturing (+6.9%).
A Bright Future for Moroccan Exports
These figures reflect Morocco’s strengthening position in global markets and its capacity for industrial diversification.
While the nation celebrates these achievements, challenges remain, particularly in enhancing production capacity and boosting overall competitiveness.
Nonetheless, Morocco’s strong performance in both traditional and emerging industries signals a positive outlook for the country’s economic future.
