Morocco's trade deficit hits over 150 billion dirhams in June

Morocco’s trade deficit posted a double-digit rise in June, widening by 48.7%, and reached MAD 150.49 billion compared to the same period last year, according to the exchange office.

Imports reached 365.56 billion dirhams in the first half of 2022, up from 253.57 billion dirhams at the end of June 2021, a 44.2 percent increase. Exports increased by 41.2 percent to 215.07 billion dirhams at the end of June 2022, up from 152.35 billion dirhams a year earlier, according to the Office.

The coverage rate has, meanwhile, lost 1.3 points (58.8% against 60.1%), added the same source.

The increase in imports of goods concerns almost all products, noted the Office, adding that imports of semi-products have recorded an increase of 55.2%.

This is mainly due to the rise in purchases of ammonia (10.47 billion dirhams at the end of June 2022 against only 2.85 billion dirhams at the end of June 2021).

The trade deficit is expected to widen to 17.6% of GDP in 2022, up by one percentage point compared to its level in 2021, according to previous forecasts of the High Planning Commission (HCP).

The country’s trade gap would be the result of nominal growth in exports of goods of 10.7%, while imports would post an increase of 10.1% in 2022.

In volume, national exports should consolidate their growth path following the dynamism of global business activities to post a growth of 7.2% against 9.5% in 2021.

For their part, imports should record a less significant increase in 2022, i.e. 7.8% against 11.2% in 2021, HCP notes.