Morocco’s trade deficit reached nearly 116.58 billion dirhams at the end of May 2023, marking a 1.7% increase compared to the same period the previous year, according to the Exchange Office.
The Office’s monthly foreign trade indicators report reveals that imports experienced a 2.8% growth, amounting to over 301.47 billion dirhams, while exports saw a 3.6% rise, reaching MAD 184.89 billion. The coverage rate improved to 61.3%, compared to 60.9% in the corresponding period last year, noted the report.
The rise in goods imports was due to purchases of capital goods, finished consumer goods and food products, explained the Office.
As for exports, significant growth was observed in the automotive sector (+39.9%), textiles and leather (+15.9%), and electronics and electricity (+35.9%).
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