In a recent report by Morocco’s statistics office (HCP, Haut-Commissariat au Plan ), the national landscape of trade in goods and services witnessed remarkable changes in the fourth quarter of 2023, marking substantial increases in both exports and imports.
According to the HCP, the volume of national exports experienced a notable uptick of 15.5%, while imports followed closely with a 15.2% surge in year-on-year variations. This positive trend stands in stark contrast to the preceding quarter, where the figures were recorded at 8.1% and 9.3%, respectively.
Delving into the specifics, the report indicates that the exports of goods demonstrated a significant improvement of 5.7% in annual variation, in value. This comes after two consecutive quarters of decline, as highlighted in the HCP’s economic outlook for the fourth quarter of 2023 and projections for the first quarter of 2024.
Key contributors to the upward trajectory in export growth include robust sales in the automotive sector, particularly in the segments of construction, wiring, and interior seats and leather. These segments contributed a noteworthy 6.3 points to the overall export figures.
Additionally, products from the electrical and electronic industries (0.7 points) and aerospace (1.2 points) played pivotal roles, buoyed by sustained global demand for automotive and electrical products.
On the flip side, despite an increase in the exported quantities of natural and chemical fertilizers, the report indicates that sales of phosphates and derivatives continued to negatively impact the overall export value. However, the impact was less pronounced compared to previous quarters.
Shifting focus to imports, the report suggests a 0.6% decrease in the value of imported goods in the fourth quarter of 2023. This decline is attributed primarily to the falling prices of various raw materials in the international market, notably in the energy sector, including diesel, fuels, and coal. However, imports of industrial equipment goods experienced an upswing, driven by acquisitions of machinery, piston engines, electrical devices, and utility vehicles.
The net result of these trade dynamics was a reduction in the trade balance deficit for goods, accompanied by an improved coverage rate. The deficit alleviated by 2.2 points in the fourth quarter of 2023 compared to the same period in 2022, reaching a coverage rate of 60.8%.
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