Morocco’s trade deficit stood at over 138.2 billion dirhams at the end of June 2023, down 6.8% on the same period a year earlier, according to the Foreign Exchange Office.
Imports fell by 1.6% to over 359.55 billion dirhams, while exports rose by 1.9% to 221.34 billion, the Office said in a document on the monthly foreign trade indicators for June, noting that the coverage rate rose by 2.2 points to 61.6%, compared with 59.4% a year earlier.
The fall in imports of goods was essentially due to a decline in purchases of semi-finished products, energy products and raw materials, explained the Office, adding that semi-processed products’ imports decreased by 13.3% to 75.12 billion at the end of June.
The import of energy products experienced a decline of 14.8%, primarily influenced by a decrease of 22.8% in gas and fuel oil purchases. This decline was driven by both lower prices (down by 15.5%) and reduced quantities imported (decreased by 8.6%). Additionally, imports of raw products also decreased by 21.5%.
Conversely, imports of finished consumer goods saw an increase of 12.5%, primarily due to a significant surge of 29.9% in imports of parts and components for passenger cars, as well as a rise of 29% in the import of passenger cars.
Imports of capital goods rose by 19.2%, due in part to increased purchases of piston engines and wires and cables. Imports of food products remained virtually stable.
In terms of merchandise exports, the main growth drivers were the automotive sector (+34.3%), electronics and electricity (+33.3%) and textiles and leather (+13.6%).t
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