Morocco's foreign trade deficit widens in January, recording a 75.2% increase

Morocco’s trade deficit stood at MAD 20.26 billion in January 2022, up 75.2% compared to the same period in 2021, according to the exchange office.

This deficit is the result of an increase in imports, which recorded a 39.5% jump, equating to over MAD 50.9 billion.

Exports have also risen an approximate 23% to MAD 30.64 billion, explains the Office in its recent bulletin on the monthly indicators of foreign trade, adding that the coverage rate stood at 60.2% as of January.

Compared to the same period of 2021, exports recorded a monthly average of MAD 29.09 billion during the 2nd half of 2021.

The bulletin also shows that the increase in imports concerns all product groups. In light of the recent international context, Morocco’s energy bill increased by 67%, mainly due to the increase in gas oils and fuel prices globally, which recorded an unprecedented 60.4% spike last month.

For their part, food imports increased by 56.3%. In addition, export increases are too general to most products, mainly phosphates and their derivatives, agriculture, and agri-food sector, as well as the textile and leather sector.