Morocco’s total exports increased in value between 2002 and 2008, reaching 32% annual export growth in 2008 only to fall by nearly 32% in 2009 following the financial crisis. The value of agricultural exports also increased over the period, but less steadily, and has declined as a share of total exports since 2005.
Morocco: Total and Agricultural Exports, 2002-2009 (in million USD and percentage change)
Morocco’s exports peaked in value in the second quarter of 2008 (Q2 2008), coinciding with the increase in world commodity prices. Based on the evolution of value, price and volume indices of Morocco’s exports to US and EU, where 70% of Morocco’s total exports go, the peak in export value peak is due largely to a rise in export prices during the time of the food price crisis. This price rise is largely due to Morocco’s two top exports, inorganic chemicals and phosphates, which tripled in value between 2007 and 2008, while export quantities fell by 25% as fertilizer prices rose in 2007-2008, along with the rise in energy prices and increased demand for fertilizers for agricultural production.