Morocco's textile exports to EU down 16% in Q1

Moroccan exports of textile products to the European Union (EU) plummeted 16% in Q1 of 2005, said the Minister of Industry, Trade and Economy Upgrading.

Salaheddine Mezouar underlined before the commission of productive sectors at the House of Representatives, th at this sector, which represents 43% of industrial exports, faces several problems that impair its competitiveness.

In order to counter the fallouts of this situation, he said, Morocco has managed to attract investments worth MAD 2.5b (about Euro 227m) thanks to three large-scale projects in the field of textile.

Mezouar stressed the importance of improving the situation of Moroccan companies to develop their output, and provide them with the financial and technical resources to better prepare them for competitiveness.

The expiry of the multi-fibre accords at the start of 2005 has severely cut Morocco's textiles exports to the EU, which was further worsened by the entry of rivalling China to this market.