According to a recent report by the Moroccan High Commission for Planning (HCP), the Moroccan foreign trade unit value indices showed increases of 10.3% for imports and 13.2% for exports in 2021 as compared to 2020.
UVIs, or Unit Value Indices, track changes in import and export unit values. Unit values, often known as the link between values and quantities, are used to predict changes in import and export prices.
According to HCP, UVIs are determined by usage grouping, total import and export flows, as well as other factors.
UVIs increased in 2022, reaching +25% for imports and +21.2% for exports, with a notable peak in the second quarter of the year at +30.2% and +28% for imports and exports.
On both the import and export sides, the changes since 2019 can be summarized in three stages, first of all, in 2020, the Covid-19 pandemic significantly lowered unit values.
In the fourth quarter of 2020, import unit value indexes were down 6.7% from 2019, and export unit value indexes fell by 2.7%.
They then gradually recovered, following the upturn in economic activity, and returned to their pre-pandemic rates in the first quarter of 2021.
As of 2021’s Q2, the global economic recovery has generated very strong demand, leading to soaring commodity prices, stated HCP.
In the context of inflation, in March 2022 the tensions caused by the war in Ukraine led to an increase in prices of oil, gas, metals, raw materials, food products, and more.
Thus, import UVIs recorded a variation of 44.5% between the fourth quarter of 2020 and the second quarter of 2022, while export sales have evolved in the same direction and have increased by 39.5%.
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