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FinancialNews
15-07-19
Morocco sees decline in car exports due to global downturn
(MENAFN) Morocco's car exports fell 6.2 per cent in the first five months of 2019 on the back of the downturn in car sales in world markets in recent months.
This is the first shake-up of the young car industry in Morocco, which has grown at very high rates over the past seven years, making it the first source sector in the country.
Despite the decline, the auto industry maintained its position at the forefront of Morocco's exports of 15 billion dirhams (USD1.6 billion) during the first five months of the year, representing about 12 per cent of the total value of Morocco's exports during this period.
Wires and electrical cables ranked second in Morocco's value-added exports, with a value of 14.34 billion dirhams (USD1.5 billion) during the first five months of the year, up 7.2 per cent and accounting for 11.5 per cent of the country's total export value.
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MENAFN1507201900450000ID1098759161
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