info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Image from oxfordbusinessgroup.com
Morocco is the 25th-largest country in Africa and has a geographic area of 446,550 sq km. The country's political capital is Rabat, but the largest city by far, as well as the business and economic capital, is Casablanca, located 85 km from Rabat.
While 2018 marked a deceleration from the economic growth of 2017, Morocco's overall picture continues to look stable: the IMF forecast GDP growth of 3.2% for 2018, a substantial figure, and projected growth of 3.2% for 2019. A number of key developments are expected to support economic growth in coming years. A rapidly improving business environment and infrastructural base, the gradual liberalisation of the local currency, and increased investment into export-oriented industries are all set to raise living standards and drive the emergence of a large national middle class.
Between 1985 and 2016 industry contributed an average of about 19% to GDP, and in 2017 this increased, raising the sector's contribution to around 25% of GDP.
The country's industrial offering is diverse and includes products in the automotive, electronics, textile, offshoring, pharmaceuticals, aerospace, chemicals and electronics segments. The sector will continue to play an integral role in Morocco's economy and is set grow an additional 5% by 2022. However, it must first diversify its offering, which could include further shifting to high value-added manufacturing such as aerospace or automotive, and increasing overall exports. The kingdom also has plans to leverage its textile industrial capabilities to become a global sourcing centre for fast fashion and denim. The retail sector in Morocco is expected to continue to grow due to demographic shifts. In addition, higher internet penetration rates and the increasing popularity of online shopping are all levers for sector growth.
In 2017, Morocco bought US$45.1 billion worth of imported products down by -0.2% since 2013 but up by 8.1% from 2016 to 2017.
Top 10 Moroccan Imports from China
China's exports to Morocco amounted to $4.1 billion or 9.1% of its overall imports.
1. Electronic equipment: $971.7 million
2. Machinery: $686.6 million
3. Coffee, tea, spices: $219.3 million
4. Knitted or crocheted fabric: $162.8 million
5. Man-made staple fibers: $140 million
6. Vehicles: $139.6 million
7. Furniture, lighting, signs: $137.6 million
8. Iron or steel products: $137.1 million
9. Plastics: $111.6 million
10. Other manufactured products: $106.4 million
