Morocco’s trade deficit increased by 53.5% to reach MAD 63,969 million by end of July, said the exchange office in its monthly report.
The coverage rate between imports and exports lost 2.1 points (57.3%, down compared to 59.4%), added the office.
Morocco’s imports reached MAD 429,550 million by the end of July, up compared to MAD 294,454 million recorded during the same period last year, further stated the exchange office.
The imports showed an increase of 45.9%, equivalent to MAD+135.096 million, added the office.
Exports increased by 40.7%, equivalent to MAD+71,127 million, and reached MAD 246,081 million by the end of July, up compared to MAD 174.954 million recorded during the same period a year earlier.
Imports of main products
The increase in imports involved all product groups, said the Office.
The energy bill has more than doubled, reaching MAD 88,114 million at the end of July 2022, according to the exchange office’s data.
This rise comes as a result of the increase in purchases of the main energy products, mainly gas-oil and fuel-oil (MAD +23.733 million) due to the spike in prices.
Fuel prices have more than doubled (MAD 9.990/T, up compared to MAD 4.826/T).
The imported quantities also increased by 9.4%, added the same source.
Additionally, imports of semi-products increased by 55.6%, following the strong growth of purchases of ammonia (MAD 12.224 million, up compared to only MAD 3.468 million).
Regarding imports of food products, they showed an increase of 52.8%, equivalent to MAD+18.791 million, specified the monthly report.
This rise is mainly due to an increase in wheat purchases by 99% due to the spike in its price, up by 55.3%, and the imported quantities showed an increase of 28.1%, added the same source.
Imports of barley also experienced a significant increase of MAD 2,770 million (MAD 3,170 million at the end of July 2022, compared to MAD 400 million recorded the same period a year earlier), further stated the same source.
Imports of raw products also increased by 80.3%, which follows the
rise in purchases of crude and unrefined sulfur which almost tripled (MAD +8,841 million), added the office.
Exports on rise
By the end of July 2022, exports of goods amounted to MAD246,081 million compared to MAD 174,954 million recorded the same period a year earlier, an increase of 40.7%, equivalent to MAD +71,127 million.
The increase concerns all sectors, led by fertilizers, the automobile sector, agriculture and agri-food, and textiles and leather, added the same source.
Fertilizer sales rose by 81.1%, reaching MAD 68,773 million at the end of July 2022, up compared to MAD 37,974 million recorded at the end of July 2021.
This rise is mainly driven by the increase in sales of natural and chemical fertilizers (MAD +22.793 million), according to the same source.
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