Morocco has seen a significant trade imbalance as its imports of goods and products have grown faster than its exports, according to the latest annual report by the Exchange Office.
In the past year, imports reached a substantial 737.4 billion Moroccan dirhams, marking a nearly 40% increase from 2021.
Meanwhile, exports to various global destinations totaled 429 billion dirhams, showing a growth rate surpassing imports but still falling short by 99.3 billion dirhams, which equates to a 30.1% difference.
The ratio of exports to imports witnessed a decline from 62.3% in 2021 to 58.1% in 2022, indicating an improvement in this measurement.
Morocco’s energy imports have risen due to higher costs and the prominence of gasoline and fuel imports. The report attributes the increase in energy import bills primarily to elevated global prices, with import quantities playing a secondary role.
The report highlights a substantial 44.9% rise in Morocco’s imports of wheat, followed by barley and raw/refined sugar.
The report underscores a deepening trade deficit for Morocco in 2022, with the trade imbalance reaching 109.7 billion dirhams compared to 199.2 billion in the previous year.
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