Morocco’s Phosphate Revenues Grow by $1.5 Billion in Past Ten Years
Morocco remains a leader in phosphate production, exporting the product to several countries.
Morocco’s phosphate production has increased steadily over the past decade, as more countries rely on the North African nation for the valuable mineral.
Phosphate is used as a vital ingredient for agricultural fertilizer products. Morocco’s phosphate reserves are among the largest in the world, and the extraction and exportation of phosphate represent a significant part of the country’s GDP.
According to data from the Moroccan Foreign Exchange Office, in 2011 phosphate revenues in the country accounted for $4.2 billion in the national purse. In 2020, the figures increased to approximately $5.7 billion, which amounts to nearly a 27% increase in the country’s income through phosphate.
Morocco has the world’s largest reserves of phosphate, with some estimates that the country currently holds 50 billion metric tons in reserve. As such, Morocco’s dominance in the phosphate industry is rivaled only by China. The North African nation’s reserves account for over 70% of the global phosphate supply.
Over the years, large phosphate production conglomerates in Morocco such as the OCP group have expanded their influence beyond Morocco. OCP remains the leading exporter of phosphate products in the world, and the group’s reach can primarily be seen in Morocco and throughout Africa. Recent estimates indicate that OCP’s export revenue totaled $3.44 billion dollars in the first half of 2021.
The group has also contributed to the sustainable growth of agricultural industries in Africa through its phosphate holdings. Programs started in conjunction with USAID in July have for instance contributed $1.4 million in phosphate, technology, and education for farmers across West Africa.
Among the top export customers of Moroccan phosphate are the United States, Spain, and Mexico. But with the entire world dependent on agriculture as an indispensable food source, Morocco has established itself as a critical source for an essential agricultural ingredient - fertilizer - around the world.
Source: Morocco World News.