2023-07-31 14:52:53
Data issued by Morocco’s Office of Exchange showed that the country’s trade deficit shrank by 6.8 percent in the first half of 2023 to 138 billion dirhams ($14 billion), following a slight decline in imports.
The office said in a monthly report that imports shrank 1.6 percent compared to the same period last year to 359 billion dirhams, outperforming exports, which amounted to 221 billion, which rose 1.9 percent.
The proportion of exports covering imports increased to 61.6 percent in the first six months of this year, up from 59.4 percent in the same period last year.
Morocco’s energy imports amounted to 61 billion dirhams, down 14.8 percent, while the cost of wheat imports shrank slightly by 0.7 percent, to 45.7 billion dirhams.
The automotive sector topped Morocco’s exports, achieving 70.9 billion dirhams, up 34.3 percent.
Morocco, which has the largest reserves of phosphate in the world, reported a sharp decline in exports of phosphate and its derivatives, including fertilizers, by 35 percent, to 36.7 billion dirhams.
Revenues from the tourism sector rose 68.9 percent to 47.8 billion dirhams, exceeding pre-COVID-pandemic levels.
Moroccan remittances, which are a major source of hard currency, grew by 14 percent to 55.3 billion dirhams, while foreign direct investment decreased by 29.2 percent to 15.5 billion dirhams.
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