Morocco’s Phosphate Sales Reach $5.57 Billion in June

Morocco holds more than 75% of the global phosphate rock reserves, a key ingredient in fertilizers. OCP Group, the world’ s largest phosphate mining and leading fertilizer company, is the custodian of Morocco’ s phosphate and phosphorus reserves. ALSO READ: Car Sales in Morocco Drops By 11.03%.

Morocco’s phosphate and derivatives sales reached over MAD 57.46 billion ($5.57 billion) at the end of June, representing an increase of 84.3% compared to the same period in 2021.

New data from the country’s Foreign Exchange Office attributed the development to the increase in sales of natural and chemical fertilizers in recent weeks.

Morocco holds more than 75% of the global phosphate rock reserves, a key ingredient in fertilizers.

OCP Group, the world’s largest phosphate mining and leading fertilizer company, is the custodian of Morocco’s phosphate and phosphorus reserves.

In addition to the increase in phosphate exports, the new data from the exchange office also reported increases in exports of general goods.

Exports of goods amounted to MAD 215.07 billion($20.85 billion) at the end of June, against MAD 152.35 billion ($14.77 billion) a year earlier, indicating an increase of 41.2% or MAD 62.72 billion ($6 billion), the office documented.

It added that the increase concerns all sectors, including phosphates and derivatives, the automotive industry, agriculture, as well as textiles, and leather.

At the same time, exports of the agriculture and agri-food sector stood at MAD 46.28 billion ($4.48 billion) at the end of June, against MAD 37.09 billion ($3.59 billion) for the same period in 2021, an increase of 24.8%. The office attributed the change to the increase in sales of the food industry, agriculture, forestry, and hunting.

Textile and leather exports increased by 32.4% in the first six months of 2022, and the office attributed this development to an increase in the sales of the key materials used in the sector.

Source: Morocco World News