Morocco’s trade deficit widened 56.9% to 287 billion dirhams ($27.5 billion) in the first 11 months of this year, mainly due to rising energy costs, data from the exchange regulator revealed on Friday.
Imports rose 42.3 percent from a year earlier to 676 billion dirhams, while exports rose 33 percent to 389 billion dirhams, the regulator said in a monthly report.
Morocco’s energy bill rose the most, up 110% to 141.5 billion dirhams, while the cost of wheat imports more than doubled to 24 billion dirhams after the worst drought in decades.
Morocco, which has the largest phosphate reserves in the world, reported a 54.8% rise in exports of ore and its derivatives – including fertilizers – to 108 billion dirhams.
The automotive sector leads industrial exports with 100.3 billion dirhams, up 35%.
Tourism receipts rose 153% to 81.7 billion dirhams as the sector recovers from the pandemic.
Remittances from Moroccans abroad, the main source of hard currency, increased by 14.6% to 99.5 billion dirhams, while foreign direct investment increased by 31.5% to 35.3 billion of dirhams.