Phosphates sales and their derivatives as well as the automobile sector are estimated to exceed MAD 217 billion in terms of gains in the upcoming years, said Bank Al-Maghrib's (BAM) Wali, Abdellatif Jouahri.
Following the board meeting held on Tuesday, Bank Al-Maghrib stated that sales of phosphates and their derivatives are estimated to reach MAD 102.7 billion by 2023, and the automotive sector sales are estimated to exceed MAD 114.7 billion.
"Moroccan exports will increase by 22% during the current year, and by 0.8% in 2023, driven by phosphate and the automotive sector sales," he added.
Imports are also expected to grow by 24.2% during the current year, following the rise in the energy bill value, which is expected to reach MAD 122.4 billion, in addition to the increase in purchases of raw materials and semi-finished products, he further stated.
In terms of travel income, BAM said that the activity rebounded after the reopening of the borders as well as the launch of Marhaba operation to receive the Moroccan community residing abroad.
These two factors enabled a gradual recovery, moving from MAD 34.3 billion recorded during the past year to MAD 54.3 billion during the current year, and MAD 70.9 billion by 2023, according to the same source.
After the record level of MAD 93.7 billion recorded in 2021, it is expected that Moroccans living abroad's transactions will return to the pre-pandemic levels, reaching a total of MAD 87.3 billion in 2022, and MAD 84 billion by 2023, added the same source.
Regarding external financing of the treasury, it is expected that the official reserve assets will reach MAD 342.5 billion by the end of 2022, and MAD 346 billion by the end of 2023, covering about 6 months of imports of goods and services, according to the same source.
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