Morocco’s trade deficit stood at nearly MAD 91.04 billion during the first four months of this year, up 43.6% compared to the end of April 2021, according to a note shared by the Exchange Office.
Morocco imported in the first four months of the year 37.8% (MAD 230.05 billion) more than it did at the same time last year, driving a significant trade deficit despite an increase in exports by +34.2% (MAD 139.01 billion)
The bulletin on the monthly indicators of foreign trade showed the coverage rate lost 1.6 points, settling at 60.4%.
The increase in imports of goods concerns almost all product groups, noted the Office, noting that the energy bill has more than doubled, reaching MAD 43.79 billion.
This development is mainly attributed to a 37.8% increase in gas-oil and fuel-oil supplies, due to the rise in prices that have almost doubled in a year. The spike is equivalent to MAD 12.14 billion. In parallel, import quantities recorded a 15.8% increase.
Imports of semi-products have recorded an increase of 53%, following the strong rise in ammonia purchases.
Imports of raw products have also increased by 72.6%, mainly because of the increase in purchases of crude and unrefined sulfur which have almost tripled (MAD +3.971 billion).
Imports of food products showed an increase of 25.4%, due to the significant increase in purchases of barley (MAD 2.27 billion). Supplies of wheat have increased by 16%. The quantities, meanwhile, have declined by 16.4%.
Regarding exports, their increase concerns the majority of sectors, mainly, phosphates and derivatives (+98.6% to MAD 36.14 million), agriculture and food (+15.4% to MAD 32.84 million), textiles and leather (+33.6% to MAD 14.53 million) and automotive (+12.9% to MAD 31.99 million).
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