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Thursday, May 30, 2024

Car Exports Up 39.9% at End of May – Exchange Office

Sales in the automotive sector witnessed significant growth, reaching approximately MAD 57.84 billion at the end of May 2023, accounting for a notable increase of 39.9% compared to the same period the previous year, reports the Exchange Office.

This positive trend can be attributed to higher sales across various segments of the sector, including construction (+35.9%), wiring (+46.3%), and vehicle interiors and seating (+31.9%), explains the Office in its recently published foreign trade indicator report.

Exports of textiles and leather, on the other hand, experienced a 15.9% rise, reaching MAD 2.84 billion during the first five months of 2023. This growth can be attributed to increased exports of ready-made garments (+19.5%), footwear (+12.4%), and hosiery (+8.8%).

Additionally, the sales of electronics and electricity recorded a substantial increase of 35.9%, while “other mining” saw a growth of 23.2%.

Exports of phosphates and derivatives reached MAD 31.13 billion at the end of May 2023, showing a decline compared to the same period in 2022, where the figure stood at MAD 47.20 billion. This decline can be explained by reduced sales of natural and chemical fertilizers (-33.8%), phosphoric acid (-33.7%), and phosphates (-36.3%).

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