The rebound in global demand in the automotive sector has well benefited Morocco over the second quarter this year. The sector weighed heavy in the country's export revenues during the period.

“Exports of goods were boosted by improved foreign sales of automobiles in the construction and wiring (passenger cars) segments," a document issued by the High Commission for Planning said.

Sales of goods and services abroad increased by 31% in Q2 2021. In Q2 2020, the segment recorded a decline of 32%. Overall, the products exported by Morocco have performed well, some supported by the increase in global demand, and others from an increase in prices.

While exports went up, imports also followed the same trend after five consecutive quarters of decline, even though pre-pandemic levels have not yet been reached. Exports earnings have helped to strengthen domestic economic activity, as households that save or consume have regained access to earned income, after months of lockdown.

In this context, the financial sector has also benefited from improved sales. "The growth of claims on the private sector is said to have improved. The outstanding amount of claims in private sector increased by 4.5% in the second quarter of 2021, compared with 3.7% a quarter earlier. This evolution is attributed to an increase in real estate and household credits," HCP explained.

Idriss Linge