Morocco’s energy bill reached a record high of MAD 153.5 billion, an increase of 102% due to the rise in the prices of petroleum products on the international market.
According to data from the Exchange Office, the recorded increase in the energy bill resulted primarily from a doubling of prices to MAD 10,283 per ton, and an increase in volume by 7.2%.
The cost of energy exacerbated Morocco’s trade deficit. For the past year, it amounted to about MAD 311.6 billion, an annual increase of 56.5%, after imports reached MAD 737.7 billion and exports amounted to MAD 426.1 billion.
Imports of food products cost Morocco MAD 86.7 billion, an increase of 45%, driven by an increase in quantities and prices of imported wheat by MAD 25.8 billion, compared to MAD 14.2 billion in 2021.
The data of the Exchange Office states that the exports of the most important sectors recorded a good performance, starting with sales of phosphate and its derivatives, which amounted to MAD 115.4 billion, compared to MAD 80.2 billion in 2021.
This is thanks to the high prices of fertilizers in the international market, which has benefited the OCP, which will achieve an unprecedented performance in terms of the number of transactions and profits transferred to the state budget.
The second most important exporting sector was cars, with sales of MAD 111.2 billion, an increase of 33% compared to 2021, equivalent to MAD 27.6 billion as an annual increase.
The agricultural sector and food industries recorded exports of MAD 81.2 billion, compared to MAD 69.8 billion in 2021. This increase is mainly due to the good performance of food industry exports.
The fourth exports come from the textile and leather sector with about MAD 43.9 billion, an increase of 20%, then the aviation industry sector with MAD 21.2 billion, a jump of about 34.4%.
In the last year, members of the Moroccan community residing abroad transferred MAD 109.1 billion to their home country, therefore contributing to increasing Morocco’s balance of hard currency, as this figure represents a third of the current balance.
This number is the highest ever, after MAD 93.6 billion in 2021, and between MAD 64 billion and MAD 68 billion between 2018 and 2020.
The tourism sector also supported the country’s balance of hard currency, achieving revenues of about MAD 91.2 billion, which represents an increase of 166.1%, as evidence of the recovery of tourism in Morocco with the end of procedures to restrict air travel in the world and the return of tourists to the Kingdom.
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