Morocco’s economic landscape is undergoing a structural transformation, as new data suggests a shift away from traditional reliance on agriculture and raw materials toward a more industrial, high-value manufacturing base.
Latest figures from the Exchange Office show that Moroccan exports surpassed 120 billion dirhams ($12 billion) by the end of March 2026, marking a 3.3% increase. Growth was driven primarily by the automotive and aerospace sectors, both of which recorded export gains of more than 12%.
In contrast, traditional sectors showed signs of decline. Phosphate exports dropped sharply, while textiles and agriculture also slowed, raising questions about the long-term balance of Morocco’s export model.
Economics professor Rachid El Mataoui said the shift reflects industrial strategies launched in the early 2000s to diversify exports and reduce dependence on volatile commodity markets.
However, he warned that the emerging “new economy” still faces structural challenges, including a persistent trade deficit and a low export-to-import coverage ratio.
Morocco’s trade remains heavily concentrated in a few markets, particularly France and Spain. This geographic dependence is mirrored domestically, where industrial activity is largely centered along the Casablanca-Tangier corridor.
El Mataoui said this concentration limits the integration of other regions into the country’s industrial expansion and underscores the need for stronger logistics networks to access markets in Asia and the Americas.
Economist Rachid Sari described the growth of the automotive and aerospace sectors as a sign of Morocco’s increasing industrial maturity. However, he pointed to a concerning decline in traditional industries.
The drop in phosphate exports, down 43%, is particularly striking, given the sector’s historic role as a pillar of the national economy.
Sari said that while Morocco’s industrial trajectory reflects years of strategic planning, the weakening of extractive industries and electronics cannot be overlooked.
He added that agriculture, despite the possibility of recovery following recent rainfall, remains highly vulnerable to climate fluctuations.
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