Spiking seafood prices in 2021 drive up Morocco's exports

Spiking seafood prices in 2021 drive up Morocco's exports
MAP
Sunday 20 February 2022 - 16:24

Exports of seafood recorded in 2021 a total of 778,000 tons, with a value of 24.2 billion dirhams, 15 percent more compared to last year, according to the Ministry of Agriculture, Maritime Fisheries, and Rural Development.

The ministry said in a statement that the increase in value is due to increased frozen mollusks transactions by 53 percent, which constituted 40 percent of the total turnover of exports in 2021.

Frozen octopus alone recorded an increase of 66 percent in turnover.

The volume of frozen octopus shipments increased by 9 percent and its average price increased by 51 percent. Likewise, the average prices of squid increased by 50 percent, and shipment costs by 31 percent.

In 2021, the volume of exports decreased by a slight 4 percent, mainly due to a decrease in fish meal by 25%, canned sardines by 18%, as well as frozen sardines by 14%.

The global market has increased its demand for Moroccan consumer goods, food, and agricultural products, leading to a 22.1% increase in exports, an overall MAD 230.44 billion export return.

Global demand for foodstuff is emanating primarily from Europe and Africa, contributing an approximate MAD 4 billion to 2021 exports turnover.

The sum value of Moroccan food exports since January 2021 amounted to MAD 45.13 billion, compared to 40.98 billion in the same period last year.

Fresh and dry fruit exports have also noted a 29% increase in these first nine months, with a total recorded value of over MAD 3.6 billion, compared to MAD 2.8 billion in 2020.

The report included fresh and frozen vegetable exports, which were estimated at MAD 3.65 billion, in addition to MAD 3.13 billion for fish, about MAD 4.7 billion for canned fish, MAD 1.02 billion of fish flour, MAD 1.87 billion of red and yellow watermelon, and MAD 3 billion of strawberry and cranberry.

The report also noted a general export return amounting to MAD 230.44 billion, recording an overall 22.1% increase.

Automotive exports contributed significantly to this global jump, with a 16.4% increase, compared to the first nine months of 2020.

Sales of phosphates and derivatives climbed 44.6% to MAD 54.83 billion, as textiles and leather exports noted a 19.9% increase.

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