Morocco's trade deficit increases by 0.4% at end of June 2024

Morocco’s trade deficit widened by 0.4% to 139.43 billion Moroccan dirhams (MAD) during the first six months of 2024, compared to MAD 138.81 billion in the same period a year earlier, according to the Foreign Exchange Office.

This covers a 2% rise in goods imports to MAD 365.87 billion and a 3% increase in exports to MAD 226.43 billion, the Foreign Exchange Office states in document on monthly foreign trade indicators, adding that the coverage rate gained 0.6 points to reach 61.9%.

This growth in imports is driven by the increase in finished equipment products by 6.8% to MAD 85.26 billion, semi-finished goods by 6.1% to MAD 79.82 billion, and finished consumer goods by 3.1% to MAD 81.36 billion. This was combined with a decline, notably in raw products (-9.3% to MAD 16.35 billion) and energy products (-5.2% to MAD 57.43 billion).

The Foreign Exchange Office also reports that aeronautical exports surged by 16.5% to MAD 12.97 billion, the largest growth compared to a 9% increase to MAD 80.54 billion in automotive exports and a 7.5% rise to MAD 38.56 billion in phosphate and derivative exports

“Textile and leather,” “other mining,” “electronics and electricity,” as well as “agriculture and agri-food” exports fell respectively by 7.2% to MAD 23.44 billion, 5.2% to MAD 2.67 billion, 4.4% to MAD 8.65 billion, and 2.6% to MAD 46.23 billion.