The recent report published by the Economic Complexity Observatory (OEC) reveals that the value of Morocco’s exports amounted to around USD 46.7 billion in 2022, placing the country 63rd among the world’s exporters.
This value represents an increase of USD 15.3 billion over the last five years, compared with USD 31.4 billion in 2017.
Data from the Spanish International Trade Centre indicates that Moroccan exports are currently focused on industrial products, led by mineral or mixed chemical fertilizers (USD 7.06 billion), followed by cars (USD 6.1 billion), insulated wires (USD 4.21 billion), phosphoric acid (USD 2.29 billion) and calcium phosphate (USD 1.81 billion) as the main exports.
The report notes that “these exports are mainly destined for European and Asian countries, with Spain topping the list of destinations for Moroccan products (USD 8.55 billion), followed by France (USD 7.95 billion), India (USD 2.99 billion), Italy (USD 2.2 billion) and Brazil (USD 1.96 billion).
In addition to the increase in the value of exports, the OEC report shows a significant advance for Morocco in the economic complexity index for 2022.
This index reflects the diversification of the economy and its dependence on high value-added products and services.
Morocco is ranked 80th out of 122 countries in the economic complexity index in 2022, supported by the technology index, which placed it 57th out of 96 countries.
However, in the research index, the country slipped to 119th place out of 135. Although the improvement in the research index is slight, it bears witness to Morocco’s focus on strengthening its research capabilities and supporting innovation, which will translate positively into the diversification and future development of its manufacturing industries.
The report also points out that “Morocco faces a number of challenges on its path towards a more complex economy, including a lack of investment in research and development, a weak digital infrastructure needed to consolidate e-commerce and integrate technology into various economic sectors.”
“The country also suffers from a shortage of specialized skills, making investment in education and vocational training essential to provide the skilled workforce needed for modern industries.”
However, the Kingdom benefits from great opportunities to enhance the complexity of its economy, as identified by the report in the country’s strategic position and natural resources.
Morocco can take advantage of its geographical position to strengthen trade with African and European countries, as well as its rich natural resources, such as phosphate, to boost its processing industries.
What’s more, the country boasts a young workforce that supports economic and social development.
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