Industrial activity in Morocco experienced a notable recovery in October 2024, showing clear signs of improvement compared to the previous month. This upward trend, highlighted by Bank Al-Maghrib’s (BAM) monthly industrial survey, reflects renewed dynamism within the nation’s industrial landscape, though progress varied across sectors.
The majority of industrial sectors reported significant increases in production, with the exception of the “chemical and parachemical” sector, where output remained steady. This improvement pushed the Capacity Utilization Rate (CUR) to an encouraging 79%, signaling that operators are maximizing their production capabilities more effectively.
Sales rose across all industrial sectors, with local markets driving this upward trend. Export performance, however, showed signs of stagnation, possibly reflecting global economic uncertainties. The surge in domestic demand underscores its resilience amid international challenges.
While orders increased across most sectors, the “textile and leather” industry saw little change. Order backlogs are generally above normal levels, yet some sectors—particularly “textile and leather” and “mechanics and metallurgy”—reported lower-than-usual volumes. These discrepancies highlight structural challenges unique to these industries.
Industrial operators remain optimistic about the coming months. Expectations for increased production and sales are strong across nearly all sectors. However, stagnation is anticipated in the “electrical and electronics” and “textile and leather” sectors, which could limit broader gains.
While the industrial sector demonstrates resilience, sectoral disparities—especially in key industries like textiles and exports—demand strategic attention. Enhancing competitiveness and adaptability will be critical to sustaining and broadening this recovery.
With a CUR nearing 80% and positive projections for many industries, Morocco’s industrial sector is positioned to strengthen its recovery and support the nation’s economic growth. Despite persistent global uncertainties, the foundations of Morocco’s industrial rebound appear solid.
