Morocco’s trade deficit narrows by 7.3% in 2023

Morocco’s trade deficit narrowed by 7.3% to stand at 286.39 billion dirhams ($ 28.7 billion) in 2023, according to the Foreign Exchange Office.

Imports fell by 2.9% to 715.7 billion dirhams, while exports increased by 0.2% to stand at 429.31 billion dirhams, the Office pointed out in its monthly indicators of foreign trade, adding that the coverage rate gained 1.9 points to stand at 60%.

The drop in goods purchases is mainly due to the decline in imports of energy products, semi-finished products and raw products, the Office noted.

For their part, imports of raw products fell by 28% due to a 10.7% drop in raw sulfur purchases, the same source reported, noting that purchases of food products increased by 2.87 billion dirhams.

On the other hand, imports of finished consumer products increased by 11.3%, mainly following the joint increase in purchases of passenger cars parts by 27.7% and passenger cars by 15.4%.