Morocco’s fertilizers exports double by end of March, Exchange office

Morocco’s phosphates fertilizers and derivatives exports have almost doubled by the end of March, reaching MAD 24.54 billion, up compared to MAD 13.43 billion recorded at the end of March 2021, according to the exchange office.

This change comes as a result of the increase in natural and chemical fertilizers sales (MAD +7.75 billion) due to the rise in global prices.

Global prices have skyrocketed, especially for fuels as a result of the geopolitical crisis between Russia and Ukraine.

Several countries around the world suspended their trade relations with Russia as well as temporarily closed their services, as part of imposed sanctions in support of Ukraine.

The prices of fertilizers have more than doubled in Morocco, reaching (MAD 7,319 / T) at the end of March 2022, up compared to (MAD 3,116 / T ) in the same period of 2021, specified the Office in its recent note on the monthly indicators of foreign trade, while exported quantities dropped by 17.8%.

Likewise, the agricultural and agri-food sector exports totaled MAD 24.37 billion by the end of March 2022, up compared to MAD 21.20 billion during the same period last year, an increase of 14.9%.

This increase is driven by the rise in sales of the food industry (+27.4%) and agriculture, forestry and hunting (+5.7%), said the same source.

Additionally, textile and leather exports increased by 32.3% in the first quarter of 2022, reaching the highest level in the last five years, while aerospace sales increased by 53%, totaling MAD 5.17 billion, up from MAD 3.38 billion recorded in the same period last year.

The Exchange office also indicated that by the end of March 2022, exports of goods totaled MAD 99.98 billion, up compared to MAD 77.526 billion recorded a year earlier, an increase of 29%.

This increase in exports affected all sectors, mainly phosphates fertilizers and derivatives, agriculture, textiles, and leather, according to the same source.