Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Morocco Doubles Vehicle Exports to Saudi Arabia

Morocco Doubles Vehicle Exports to Saudi Arabia

Thursday, 14 February, 2019 - 09:15
Workers at a vehicle plant in Tangiers, Morocco. (Reuters)
Casablanca - Lahsan Maqnaa
Trade exchange between Morocco and Saudi Arabia rose 37.14 percent during the first nine months of 2018 to reach MAD9.64 billion (USD1.01 billion) compared to MAD7.03 billion (USD740 million) the previous year.

This resulted from a 41 percent rise in Saudi exports to Morocco to MAD8.54 billion due to the increase in oil prices.

Meanwhile, Moroccan exports to Saudi Arabia rose around 10.4 percent due to Riyadh’s doubling of passenger vehicles, especially those manufactured in Morocco.

The total value of Moroccan exports to Saudi Arabia reached MAD995 million (USD105 million).

The trade deficit between the two countries reached MAD7.64 billion (USD804 million), rising 46 percent, compared to the same period last year.

In some sectors, Morocco’s exports to the Kingdom saw a sharp rise, such as the vehicle industry, which witnessed an increase of 94 percent and reached MAD163 million (USD17.2 million).

The vehicle industry ranked second behind the Phosphoric acid exports that totaled MAD460 million (USD48 million) - a rise of 8.5 percent.

Moroccan product exports to the Kingdom witnessed a sharp rise, especially Zellige tiles, flowers, olive oil and dried and citrus fruits.

Furthermore, Saudi exports to Morocco included mainly petroleum products, such as gas oil and fuel, whose value saw an increase of 70 percent due to the rise in oil prices.

Moroccan purchases of Saudi sulfur also sharply rose 452 percent, reaching MAD865 million (USD91 million).

Editor Picks

Multimedia