The exports value of the phosphate and derivatives sector reached MAD 100 billion at the end of October, up 63%, instead of 47.8% a year earlier, according to the Ministry of Economy’s Directorate of Studies and Financial Forecasts (DEPF).
“These exports have exceeded for the first time the MAD 100 billion mark,” indicated the directorate in its November 2022 note, stressing that this performance follows the strengthening of shipments of phosphate derivatives by 63.9% (after +52.8%) and rock phosphate by 56.1%, (after +18%).
The increase in exports gains follows the rise in prices, added the same source.
The production index of the extractive sector continued to decline in the third quarter of 2022, recording a drop of 19% after -15.6% in Q2-2022 and -10.1% in Q1-2022, further stated the same source.
The results of the third quarter are explained by the decline in the production index of the extractive industries by 19.7%, mitigated by an increase in that of metal ores by 1.9%.
In the first nine months of 2022, the production index of the extractive sector fell by an average of 14.9%, compared with an increase of 3.6% a year earlier.
Additionally, rock phosphate production dropped by 16.1% at the end of September 2022, after an increase of 3.3% last year.
The drop recorded in the production of phosphates and derivatives comes as the result of the decrease in the volume of international demand for these products, in a context linked to the lack of supply due to the Russian-Ukrainian conflict and the drop in Chinese exports, explained the same source.
This situation generated a global sharp rise in the prices of these products, added the Directorate.
The significant price increase enabled OCP Group’s turnover to reach MAD 89.5 billion at the end of the first nine months of 2022, up 55% compared to the same period last year.
The increase represents the fruit of the 74% rise in rock turnover and 68% in fertilizers, according to the same source.
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