Moroccan automotive exports booms, sets new sales record!

Moroccan automotive exports experience a significant surge of 39.9% by the end of May 2023.

According to the Office des Changes, sales in the automotive sector reached an impressive figure of approximately 57.84 billion Moroccan dirhams or 5.93 billion dollars by the end of May 2023. This represents a substantial increase of 39.9% compared to the corresponding period in the previous year.

This growth is attributed to the remarkable sales performance across all segments of the sector. Specifically, the construction segment witnessed a notable rise of 35.9%, while the wiring segment experienced a remarkable increase of 46.3%.

In addition, the vehicle interiors and seats segment saw a significant boost of 31.9%. These positive trends were highlighted in the monthly indicators of foreign trade recently published by the Office.

It is worth noting that the automotive sector has further received a notable boost through the signing of two memorandums of understanding and a framework agreement for the implementation of six investment projects by the German group “LEONI”. The total investment amount for these projects surpasses 932 million Moroccan dirhams, equivalent of $95.4 million

These projects are anticipated to create around 7,100 new jobs by 2027. Notably, one of the initiatives includes the construction of a new cabling unit in the Agadir industrial acceleration zone, involving an investment of 188 million Moroccan dirhams.

Furthermore, the expansion of the group’s factories in the Casablanca-Settat region is expected to generate an additional 3,000 direct employment opportunities. The overall impact of these initiatives signifies the continuous growth and development of the Moroccan automotive sector.

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