Morocco’s phosphate and derivatives sales reached over MAD47.62 billion (approximately $4.70 billion at current exchange rates) at the end of May, according to a Morocco World News report, citing new data from the country’s Foreign Exchange Office.
The report indicated that sales doubled compared with same year-ago period, when they amounted to MAD24.27 billion.
The Foreign Exchange Office attributed the Ukraine-Russia conflict as having played “a significant role” in the increase, as it presented “a prime opportunity” for Morocco’s phosphate market to fill the void left by a reduction in Russian phosphate exports.