In September 2024, Morocco’s industrial landscape witnessed notable growth, signaling a recovery in several key sectors, according to Bank Al-Maghrib’s (BAM) latest industrial survey. Conducted from October 1 to October 30, the survey paints a promising picture, showing substantial gains across all branches except for agro-food and textile and leather, which maintained stable production levels. These indicators reflect a significant resurgence in Morocco’s industrial activity.
Widespread production gains across sectors
BAM’s data reveals growth across nearly all industrial branches, with production increases lifting the industry, except in the agro-food and textile and leather sectors, where output levels held steady. The capacity utilization rate (TUC), a key efficiency metric, climbed by two percentage points to reach 79%. This improved utilization signals an effective response to rising demand and showcases Morocco’s enhanced production infrastructure.
Sales climb in local and international markets
Sales figures reinforce this upward trend, with most sectors seeing increased sales both domestically and internationally. Notably, only the textile and leather sector remained stable, aligning with its unchanged production levels. This sales growth demonstrates Morocco’s strengthened competitiveness and the heightened demand for Moroccan products both at home and abroad, offering a solid foundation for continued expansion.
Order volumes on the rise, with sectoral variances
The survey also highlights an uptick in industrial orders, reflecting positive sentiment across most sectors. While orders rose widely, the chemical and parachemical sectors saw a leveling off. Bank Al-Maghrib reported that order books generally met “normal” expectations, although sector-specific differences were evident: chemical, electrical, and electronic sectors exceeded normal levels, while agro-food, textile and leather, and metalworking lagged slightly behind expectations.
A measured optimism for the months ahead
Looking to the future, Moroccan industrialists hold a cautiously optimistic outlook for the coming three months, expecting further production and sales growth in most branches. However, the agro-food sector may continue to face headwinds, with projections suggesting stability rather than growth in this area. This outlook reflects the resilience of Morocco’s industrial sector amid economic fluctuations, underscoring the success of targeted strategies to overcome challenges and sustain long-term growth.
As Morocco’s industry continues to regain its footing, these trends point toward a stable foundation that could bolster the country’s economic recovery, marking September 2024 as a milestone month in its journey forward.
