Morocco’s Top 10 Exports

Morocco flag courtesy of FlagPictures.org

Moroccan flag (FlagPictures.org)

A country located on the northwest coast of Africa, the Kingdom of Morocco shipped US$22.9 billion worth of goods around the globe in 2016. That dollar amount results from a 6.9% gain since 2012 and a 3.7% uptick from 2015 to 2016.

Morocco’s top 10 exports accounted for three-quarters (74.3%) of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Morocco’s total Gross Domestic Product amounted to $282.8 billion in 2016 (on a purchasing power parity basis). Therefore, exports represent an estimated 8.1% of total Moroccan economic output.

From a continental perspective, one-third (66.7%) of Moroccan exports by value were delivered to European countries while 13.7% were sold to importers in Asia. Morocco shipped smaller percentages to other African nations (9.9%), North America (4.5%) and Latin America excluding Mexico and the Caribbean (3.6%).

Given Morocco’s population of 33.7 million people, its total $22.9 billion in 2016 exports translates to roughly $680 for every resident in that country.

Per Trading Economics, Morocco’s unemployment rate was 9.3% as of June 2017.

Morocco’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Moroccan global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from Morocco.

  1. Electrical machinery, equipment: US$3.7 billion (16.4% of total exports)
  2. Vehicles : $3.1 billion (13.7%)
  3. Clothing, accessories (not knit or crochet): $2.2 billion (9.8%)
  4. Fertilizers: $2.1 billion (9.3%)
  5. Fish: $1.2 billion (5.4%)
  6. Inorganic chemicals: $1.2 billion (5.1%)
  7. Salt, sulphur, stone, cement: $948.4 million (4.1%)
  8. Vegetables: $902.6 million (3.9%)
  9. Knit or crochet clothing, accessories: $760.9 million (3.3%)
  10. Fruits, nuts: $742.3 million (3.2%)

Vehicles was the fastest-growing among the top 10 export categories, up by 216.8% for the 5-year period starting in 2012.

In second place for improving export sales was fish which appreciated by 34.8%.

Moroccan vegetables posted the third-fastest gain in value up by 34.3% led by tomatoes, fresh or chilled leguminous vegetables and potatoes.

The leading decliner among the top 10 Moroccan export categories was salt, sulphur, stone and cement.

Advantages

The following types of Moroccan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Clothing, accessories (not knit or crochet): US$2 billion (Up by 0.01% since 2012)
  2. Fertilizers: $1.9 billion (Down by -13.9%)
  3. Fish: $1.1 billion (Up by 38.3%)
  4. Vegetables: $785.8 million (Up by 27.5%)
  5. Meat/seafood preparations: $641.8 million (Down by -3.3%)
  6. Knit or crochet clothing, accessories: $598.4 million (Down by -27.1%)
  7. Inorganic chemicals: $587.6 million (Down by -43.2%)
  8. Fruits, nuts: $579.7 million (Up by 22.7%)
  9. Salt, sulphur, stone, cement: $437.6 million (Down by -47.2%)
  10. Miscellaneous textiles, worn clothing: $271 million (Up by 55.2%)

Morocco has highly positive net exports in the international trade of unknit or non-crocheted clothing and accessories. In turn, these cashflows indicate Morocco’s strong competitive advantages under the unknit or non-crocheted clothing and accessories product category.

Opportunities

Overall, Morocco incurred a -$18.8 billion product trade deficit for 2016.

Below are exports from Morocco that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Morocco’s goods trail Moroccan importer spending on foreign products.

  1. Mineral fuels including oil: -US$5.4 billion (Down by -51.8% since 2012)
  2. Machinery including computers: -$4.3 billion (Up by 11.2%)
  3. Cereals (particularly wheat, corn, barley): -$1.9 billion (Down by -15%)
  4. Plastics, plastic articles: -$1.5 billion (Down by -3.2%)
  5. Vehicles : -$1.3 billion (Down by -42.3%)
  6. Iron, steel: -$1.2 billion (Down by -4.4%)
  7. Articles of iron or steel: -$1 billion (Up by 39.5%)
  8. Manmade staple fibers: -$650.4 million (Up by 10%)
  9. Paper, paper items: -$571.4 million (Down by -3.4%)
  10. Cotton: -$484.2 million (Down by -15.5%)

Morocco has highly negative net exports and therefore deep international trade deficits under the mineral fuels including oil category especially for refined petroleum oils, petroleum gas and coal.

Companies

Moroccan Export Companies

Three Moroccan regional banks rank among Forbes Global 2000 for 2016:

  • Attijariwafa Bank
  • Banque Centrale Populaire
  • BMCE Bank

Wikipedia lists some exports-related companies headquartered in Morocco. Selected examples are shown below:

  • Akwa Group (oil, gas)
  • Compagnie Marocaine de Navigation (shipping)
  • Laraki (automobiles)
  • Les Domaines Agricoles (agribusiness)
  • Med Airlines (cargo airliner)
  • Nareva (oil, gas)
  • Office Chérifien des Phosphates (phosphate)
  • Société Automobiles Ménara (automobiles)
  • Somaca (automobiles)
  • Sonasid (steel)










 
Morocco’s capital city is Rabat.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

See also South Sudan’s Top 10 Exports, Somalia’s Top 10 Exports and Top African Export Countries

Research Sources:
FlagPictures.org, Flag of Morocco. Accessed on August 31, 2017

Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 31, 2017

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 31, 2017

International Trade Centre, Trade Map. Accessed on August 31, 2017

Investopedia, Net Exports Definition. Accessed on August 31, 2017

The World Factbook, Africa: Morocco. Accessed on August 31, 2017

Wikipedia, Morocco. Accessed on August 31, 2017

Wikipedia, List of Companies of Morocco. Accessed on August 31, 2017

World’s Capital Cities, Capital Facts for Rabat, Morocco. Accessed on August 31, 2017