Phosphate exports doubled in value despite a 10% drop in volume. Exports from the agriculture and agri-food sector increased by 24%. Food industry sales climbed 28.9%. The automobile posted an increase of 24.4%.
The latest issue of the statistical bulletin from the Foreign Exchange Office shows an increase in exports of goods and services of 41.5% or +64.8 billion DH at the end of the first five months of the year.
Thus, at the end of May 2022, exports of goods amounted to 176,424 MDH against 125,363 MDH a year earlier, an increase of 40.7% or +51,061 MDH. This increase concerns exports from all sectors, mainly those of phosphates and derivatives, the automotive sector and those of agriculture and agri-food. Sales of phosphates and derivatives almost doubled to reach 47,627 MDH at the end of May 2022 against 24,270 MDH at the end of May 2021. This development mainly follows the increase in sales of natural and chemical fertilizers (+17,966 MDH) due to the price effect which has more than doubled (8,354 DH/T at the end of May 2022 against only 3,431 DH/T at the end of May 2021). On the other hand, the quantities exported fell by 10.2%. At the same time, exports of the agriculture and agri-food sector stood at 40,256 MDH at the end of May 2022 against 32,472 MDH during the same period of the previous year, an increase of 24% or +7,784 MDH. This development is explained by the simultaneous increase in sales of the food industry (+28.9% or +4,209 MDH) and those of agriculture, forestry and hunting (+19.6% or +3,407 MDH).
Sales in the automotive sector show an increase of 24.4% or +8,125 MDH, amounting to 41,359 MDH at the end of May against 33,234 MDH a year earlier. This level exceeds those recorded during the same period between 2018 and 2021. Nevertheless, the share of these sales in total exports lost 3.1 points (23.4% at the end of May 2022 against 26.5% at the end of May 2021).
At the same time, exports of the agriculture and agri-food sector stood at 40,256 MDH at the end of May 2022 against 32,472 MDH during the same period of the previous year, an increase of 24% or +7,784 MDH. This development is explained by the simultaneous increase in sales of the food industry (+28.9% or +4,209 MDH) and those of agriculture, forestry and hunting (+19.6% or +3,407 MDH).
For their part, textile and leather exports increased by 32.6% or +4,393 MDH. This development is attributable to the increase in sales of the main segments of this sector, namely ready-made clothing (+36.9% or +3,078 MDH), knitwear (+27.7% or +761 MDH) and shoes (+27.7% or +280 MDH). These exports thus reach their highest level during the same period over the past five years.
The balance of trade in services shows a surplus up by 78.3% or +13,450 MDH: +30,630 MDH against +17,180 MDH. This development is explained by an increase in exports (67,731 MDH against 46,787 MDH, or +44.8% or +20,944 MDH) greater than that of imports (+25.3% or +7,494 MDH). Travel, the main component of trade in services, shows a surplus balance up by 10,820 MDH. This change is attributable mainly to the increase in travel receipts of 12,889 MDH, standing at 20,336 MDH at the end of May 2022 against 7,447 MDH a year earlier. For their part, expenditure is at 5,360 MDH, i.e. a level below that of the years before the health crisis.
Transfers of funds made by Moroccans living abroad amounted to 38,317 MDH at the end of May 2022 against 36,479 MDH at the end of May 2021, representing an increase of 5%.
The net flow of foreign direct investment in Morocco (FDI) increased by 10.8% at the end of May 2022.
Ultimately, exports stand at 176,424 MDH, up 40.7%. At the same time, imports increased by 82,559 MDH or 39.2%. Thus, the trade deficit stood at 116,814 MDH at the end of May 2022 against 85,316 MDH at the end of May 2021, an increase of 36.9%. The coverage rate, meanwhile, stands at 60.2%.
The increase in imports of goods concerns almost all product groups. But it was the energy bill that weighed the most. It more than doubled, in fact, amounting to 54,646 MDH at the end of May 2022.