Morocco’s industrial activity rebounds in July

This update focuses on Morocco industrial activity. Morocco’s industrial activity strengthened in July, according to Bank Al-Maghrib’s latest business survey, with higher production, better sales and a capacity utilisation rate reaching 81%.

Morocco industrial activity: uneven performance across sectors

The survey, carried out between 3 August and 4 September 2026 with a 55% response rate, points to an overall improvement in activity, while revealing contrasting trends between branches.

Output increased in the agri-food sector and in chemicals and parachemicals. It remained stable in textiles and leather, and declined in mechanics and metallurgy. These moves reflect different dynamics in terms of demand, costs and available markets.

For Moroccans living abroad who invest in Morocco industrial activity or closely follow the country’s economy, these figures highlight where short-term momentum currently lies.

Sales pick up, driven mainly by the local market

Industrial sales broadly improved in July. They rose in agri-food and chemicals and parachemicals, but fell in textiles and leather as well as in mechanics and metallurgy.

By destination, sales increased on the domestic market and declined on foreign markets. For overseas Moroccans targeting consumers in Morocco, this pattern confirms the resilience of local demand, despite a more uncertain international environment.

This may influence decisions by the diaspora, whether to launch a processing unit, take stakes in an industrial SME or expand an existing operation back home.

Orders, order books and what they mean for investors

New orders rose in agri-food and in mechanics and metallurgy, but fell in chemicals and parachemicals and in textiles and leather. Overall, companies consider their order books to be at a normal level.

• Above normal in mechanics and metallurgy
• Normal in agri-food
• Below normal in chemicals and parachemicals
• Below normal in textiles and leather

For Moroccans abroad looking at Morocco industrial activity as a potential anchor for investment in the coming months, these signals help identify sectors under pressure, segments with growth room, and areas where caution is still advised.

Outlook: cautious optimism for the next quarter

Industrialists expect the improvement to continue over the next three months, with production and sales forecast to increase in every branch except textiles and leather, where stagnation is anticipated.

This outlook sends a broadly positive message to project holders, including Moroccans of the diaspora considering a return to launch an industrial venture or scale up an existing one.

However, uncertainty remains significant: 26% of firms report doubts about the future path of production, and 23% about sales. This limited visibility underlines the need for gradual investment plans, robust market studies and tailored banking support.

To track these trends, Moroccans abroad can check the publications of Bank Al-Maghrib and seek specialised advice, while using Canal212’s practical guide for Moroccans living abroad before committing to an industrial project in Morocco.

For more context, readers can follow Canal212 news for Moroccans abroad.