Automotive industry exports increased by 24.4%, agricultural and food products by 24% and the aeronautical industry by 61.5%. Textile and leather exports grew by 32.6% and the electronics industry by 26.2%.
Exports of global trades to Morocco have experienced a remarkable positive development. And this, thanks to the improvement of foreign demand addressed to Morocco and the increase in the prices of exported products.
Concretely, exports of the automobile industry increased, during the first six months of the year, by 24.4% to 41.4 billion dirhams, agricultural and food products by 24% to 40.3 billion dirhams and industrial aeronautics by 61.5% to 8.9 billion dirhams. In an intervention before the Finance Committee in the First Chamber, the Minister of Economy and Finance, Nadia Fettah, also highlighted the recovery of net foreign direct investment in the Kingdom from 10.8% to 7.7 MDH.
With regard to foreign exchange reserves, Mrs. Fettah indicated that they stood at 327 billion dirhams at the end of last June, adding that the official reserve assets of Bank Al-Maghrib are at a comfortable level to cover 6 months of ‘imports.
Along the same lines, the minister said that tourist receipts increased significantly by 173% to 20.3 billion dirhams at the end of May, as did transfers from Moroccans residing abroad (MRE) who are continuing their upward trend with an increase of 5% following the 50% rebound recorded during the same period in 2021. These revenues made it possible to cover 50.2% of the trade deficit, once morest 51.5% at the end of May 2021. Overall, the Minister said, Wednesday in Rabat, that Morocco’s trade experienced a remarkable increase at the end of June 2022, due to the continuous increase in the prices of goods, in particular fuels and cereals. In a presentation on “the execution of the 2022 Budget and the three-year budget programming 2023-2025”, the Minister underlined that this positive development concerned all the export sectors which recorded an increase of 41%, while imports advanced. by 39%, noting that the coverage rate has improved to 60.2%.
And to continue that in this context, exports of phosphates and their derivatives increased by 96.2% compared to the same period in 2021 to reach 47.6 billion dirhams (MMDH) and other exports recorded an increase. by 27.4% to 128.8 billion dirhams, faced with an increase in the cost of energy imports by 113.8% to 54.6 billion dirhams, food products by 31.8% to 37.1 billion dirhams and other goods by 28 .4% to 201.5 billion dirhams.
