Morocco Trade Deficit Improvement Tied to Shift in Import-Export Balance

Summary

  • Imports in Morocco dropped by 2.5% to 715 billion dirhams, while exports saw a small bump of 0.2%, totaling 429 billion dirhams.
  • The country experienced decreased energy imports, with a decline of 20.4% to 122 billion dirhams due to lower demand and price in the global market.
  • Automotive and tourism sector proved to be a boon with record increases in their respective revenues.
  • Remittances from expatriated Moroccans also reached a new high of 115 billion dirhams, marking a 4% increase from 2022.

Import and Export Overview

The import activity in Morocco dipped to 715 billion dirhams, marking a 2.5% decline from last year’s figures, while exports saw an uptick of 0.2%, pegging the totals at 429 billion dirhams.

According to the regulator, the improvement in the trade deficit was aided not only by increased export activity but also by remittances from Moroccans living abroad, and the robust growth of the automotive industry in the country.

Energy and Agricultural Imports

Energy imports experienced a deduction of 20.4%, landing at 122 billion dirhams, owing to reduced demand and declining international pricing.

Meanwhile, wheat imports also saw a decrease of 25.3%, standing at 19.3 billion dirhams. Ammoniac imports, crucial for the production of fertilizers, dropped by 58% to 8.8 billion dirhams.

Decline in Phosphate Exports

Morocco, known for having the world’s largest reserves of phosphate, recorded a 34% slump in the exports of this mineral and its derivatives, including fertilisers, which amounted to 76 billion dirhams.

Automotive and Tourism Sectors

The Moroccan automobile industry, which houses production plants for Renault and Stellantis, marked a surge of over 27% in exports, reaching a record 141 billion dirhams.

In tandem, the tourism sector observed significant growth with an 11.7% jump in revenues, earning 104 billion dirhams from the influx of a record 14.5 million visitors in the past year.

Remittances from Moroccans Abroad

Remittances from Moroccans working abroad, a key component of Morocco’s hard currency inflow, noted an unprecedented record of 115 billion dirhams, indicating a 4% increase from the previous year.

This detailed financial overview showcasing the trends in imports, exports, and remittances in Morocco can significantly impact trading strategies, specifically for those dealing with commodities and forex markets. Understanding the fluctuating patterns and growth within Moroccan sectors may provide valuable insights to optimize asset trading.

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