Aeronautical Sector Exports Soar 16.5% in First Half of 2024
Exports of electronics and electricity decreased by 4.4%, totaling $880 billion, while agriculture and agri-food exports fell by 2.6%, reaching $4.7 billion
In the first half of 2024, Morocco’s aeronautical sector saw exports surpass MAD 12.97 billion ($1.3 billion), a 16.5% rise from the previous year, according to the Office of Foreign Exchange.
This increase is primarily driven by a notable boost in sales within the assembly segment, which soared by 27.7% to reach MAD 8.44 billion ($858 billion).
Meanwhile, Electrical Wiring Interconnection Systems (EWIS) sales saw a modest decline of 0.1%, amounting to MAD 4.46 billion ($453 billion), according to the same source.
The report also notes a 9% rise in automotive exports, which reached MAD 80.54 billion ($8,20 billion). This growth is credited to increased sales across various segments, including vehicle interiors and seats (+18.9%), construction (+8.4%), and wiring (+8.2%).
Exports from the phosphate and derivatives sector grew by 7.5%, reaching MAD 38.56 billion ($4 billion). This growth was fueled by a 31.5% increase in phosphate sales and a 6.5% rise in natural and chemical fertilizers.
In contrast, exports from several other sectors experienced declines. Textile and leather exports dropped by 7.2% to MAD 23.44 billion ($.,4 billion), and other mining extractions fell by 5.2% to MAD 2.67 billion ($271 billion).
Exports of electronics and electricity decreased by 4.4%, totaling MAD 8.65 billion ($880 billion), while agriculture and agri-food exports fell by 2.6%, reaching MAD 46.23 billion ($4.7 billion).
Morocco aims to double its aerospace sector jobs by 2030, as stated by Industry and Trade Minister Ryad Mezzour at the Farnborough International Airshow in July.
« Following King Mohammed VI’s vision for the aerospace sector, Morocco has established itself as a key player, demonstrating its capabilities across all levels of production, » Mezzour stated to MAP on the sidelines of the Farnborough Airshow.
« This signifies a new industrial era focused on sovereignty, creating quality jobs, and advancing the sector, » he added.
In the first five months of this year, Morocco’s aerospace sector generated MAD 10.68 billion ($1 billion) in revenue, marking a 17.6% increase from the same period last year.
