Marruecos: gran auge de la exportación de coches
Morocco's car exports have experienced a significant increase in recent months. At the end of February 2023, car exports reached 21.663 billion dirhams (€1.9 billion), an increase of 40.5 per cent compared to the same period last year. This figure reflects the boost being given to the Moroccan automotive industry, as well as Morocco's international trade, due to numerous government incentives, such as funding programmes, to encourage the development of the industry and ensure the competitiveness of Moroccan products on the international market.
In the period January to February 2023, the Moroccan government is taking steps to improve transport infrastructure, which will make transporting vehicles easier and cheaper. This is boosting demand for luxury vehicles from Moroccan exporters, which ultimately translates into higher export revenues. On the other hand, the government is also increasing the number of trade agreements with other countries, which has opened up new car export opportunities, this has helped increase the demand for luxury vehicles from Moroccan exporters.
The Bureau de Change has reported that car exports over the last month have increased significantly. This rise is mainly attributed to increased sales of different car segments, such as construction, wiring, interiors and seats, in order to expand the demand for cars in the international market.
The report highlights an increase in sales in the Maghreb country's main export sectors, such as the electronics sector (36.4 per cent), textiles and leather (15.1 per cent) and the agri-food sector (1.3 per cent). This contributed to an increase in exports of 7.9% compared to the more significant increase in imports (11.6%), leading to an increase in the trade deficit of 17.8%, with a coverage rate of 60.5%.
The increase in exports has also been accompanied by an increase in imports, which may be a worrying indicator. This is because imported products can be competition for domestic products; therefore, it is necessary to implement policies that promote export growth, as well as measures that develop the level of competitiveness of domestic products.
These measures should include strengthening research and development, quality improvements, infrastructure improvements and promoting the export of domestic products to international markets. In this way, the country's trade performance can be improved, reducing the trade deficit and allowing exports to continue to grow in a sustainable manner, so that the country can achieve its economic development objectives and strengthen the national economy.
The Moroccan Bureau de Change highlights the recovery of the tourism sector and the growth of foreign and immigrant investments. This is reflected in a 19.8 per cent increase in foreign direct investments and a 28.6 per cent increase in remittances from Moroccan emigrants to 17.298 billion dirhams (1.55 billion euros).
On the other hand, tourism revenues stood at 16.006 billion dirhams (€1.4 billion) at the end of February, surpassing the level reached at the end of April 2020 (12.166 billion dirhams or €1.094 billion). This shows that the country is recovering its economic activities after the COVID-19 pandemic.
Despite the increase in exports, car manufacturers in Morocco are currently facing challenges to further improve the quality of their products. This is mainly due to a lack of investment in technological innovation, as well as a shortage of financial resources to carry out research and development. It is therefore necessary for car manufacturers in Morocco to invest in cutting-edge technology in order to maintain the superior quality of the products they export.
