Russia and Ukraine crisis doubles Moroccan phosphate exports

Due to the crisis between Russia and Ukraine, the Kingdom’s phosphate exports have increased, with the exchange office reporting that exports of phosphates and their derivatives had doubled to 24.54 billion dirhams by the end of March 2022, compared to 13.43 billion dirhams during the same period last year.

The office explained, in its latest monthly bulletin on exchange indicators, that this increase is due to the growth in sales of natural and chemical fertilizers (+7.75 billion dirhams) due to the strong impact of the price which has doubled (7.319 dirhams /tonne at the end of March 2022 against 3.116 dirhams /tonne in March 2021).

Meanwhile, adds the same source, sales of the agricultural and food sector amounted to 24.37 billion dirhams at the end of March, against 21.20 billion dirhams during the same period last year, an increase of 14.9%. This development is attributed to the increase in sales of food industries (+27.4%) and agriculture, forestry and hunting (+5.7%).

On the other hand, the Exchange Office said that exports of textiles and leather increased by 32.3% in the first quarter of this year, the highest level in the same period in the last five years, while sales in the aviation sector increased by 53% to 5.17 billion dirhams, compared to 3.38 billion dirhams a year ago

On the other hand, the Office of Foreign Exchange said that until the end of March 2022, exports of goods amounted to 99.98 billion dirhams, against 77.526 billion dirhams last year, an increase of 29%, adding that this increase concerns all sectors, including phosphate and its derivatives, the agricultural sector, food industry and the textile sector.

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