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Saturday, July 13, 2024

Automotive Industry: Exports to Reach MAD 52.6 Bln in 2022 – Central Bank

Exports of the automotive industry should increase by 33.7% to 52.6 billion dirhams in 2022, according to Morocco’s Central Bank (Bank Al-Maghrib, BAM).

These exports should increase by 10.5% to 58.1 billion dirhams in 2023, data in BAM’s latest report on monetary policy showed.

Shipments of phosphate and derivatives would rebound by 43.4% to 115.1 billion dirhams, in line with the expected rise in prices, before dropping to 10.8% in 2023 to 102.7 billion dirhams.

Exports of the “agriculture and foodstuff” sector should improve by 6.5% to 74.2 billion dirhams in 2022 and by 1.3% to 75.2 billion dirhams in 2023.

In 2023, the rise in imports should be limited to 0.3%, due mainly to a 7.8% increase in consumer goods exports and a 9.2% drop in the energy bill to 111.2 billion dirhams.

In parallel with the reopening of borders, travel receipts should improve although they will remain lower than before the crisis, rising from 34.3 billion dirhams in 2021 to 54.3 billion dirhams in 2022, and 70.9 billion dirhams in 2023.

As for money transfers from Moroccans living abroad, they would decline by 6.8% to 87.3 billion dirhams in 2022 and by 3.8% to 84 billion dirhams in 2023.

As for foreign direct investment (FDI), revenues should represent 3% of gross domestic product (GDP) for the period under review.

Overall, exports are expected to increase by 22% in 2022, then rise by 0.8% in 2023, BAM concluded.

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