Morocco’s automotive industry made over $5 billion in revenue, higher than pre-COVID figures over the last seven months of this year.
Morocco's automotive industry has experienced tremendous growth in the first half of 2021. Morocco’s automotive industry appears to show no signs of slowing down despite the economic impact of the COVID-19 health crisis.
According to financial reports from the Foreign Exchange Office, the industry’s revenue totaled over $5 billion in the first half of 2021, an increase of 38% compared to the same period last year. The same report states the reporting period also had a higher amount of exports than the previous four years.
The report shows that the increases in Morocco’s automotive industry consisted of increases in sales of automotive cabling, car construction, and automotive interior parts. Each segment saw increases of 30.7%, 41.4%, and 28.6% respectively. With the latest increase, Morocco’s automotive industry is once again the country’s largest source of financial revenue, ahead of the phosphate and food industry.
Morocco’s auto industry, which has been traditionally dominated by the Renault and PSA groups, has also recently attracted the attention of other international corporations. The country recently began manufacturing parts for EV company Tesla and is also planning the production of its own Electric vehicles in the future.
Morocco has experienced a remarkable rebound in exports across several industries in the first half of 2021. In particular, the country has recorded an increase in textile, phosphate, and electronics revenue after experiencing an economic slump due to COVID-19.
One exception to this positive trend is the aeronautics sector, which has failed to return to pre-pandemic levels. However, the country’s government has recently taken steps to encourage foreign investors to consider Morocco as a budding aeronautics sector and an attractive spot for future investments.
Overall, Morocco’s economy is showing signs of rapid improvement, and a return to normal activity. Imports into the country also showed signs of increase, as Moroccan businesses continue to operate with the support of crucial government initiatives.
