Phosphate Production Fuels Morocco’s Extractive Sector Growth

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In 2024, Morocco’s extractive sector saw significant growth, primarily driven by the phosphate industry. The sector concluded the year with a 21% increase in its production index, recovering from a 5.3% decline the previous year, according to the Directorate of Studies and Financial Forecasts (DEPF) within the Ministry of Economy and Finance.

This growth included impressive quarterly increases: 28.6% in the first quarter, 29% in the second, 22.4% in the third, and 9.2% in the fourth quarter, as reported in DEPF’s March 2025 update. Moreover, phosphate rock production—a key part of the sector—rose by 24.5% during the first eleven months of 2024, compared to a 10.8% decline in the same period the prior year. The production of phosphate derivatives also improved by 22%, following a 3.7% drop in November 2023.

In January 2025, export revenues from phosphates and derivatives totaled 5.6 billion dirhams (MAD), reflecting a 10.7% decline after a 17.9% increase the previous year. This decrease was primarily attributed to a 36% reduction in raw phosphate shipments and a 7.6% decline in phosphate derivatives exports. On a brighter note, exports from other mineral extractions increased by 21.2% by the end of January 2025, recovering from a 24.4% drop the previous year.

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The global phosphate market is a significant sector, driven by increasing demand for fertilizers to support food production, with China, Morocco, and the United States being major producers