RABAT, August 17 (Reuters)
RABAT, August 17 (Reuters)
Morocco’s trade deficit jumped 21 percent in the January-July period from a year ago to a record 106.4 billion dirhams ($13.3 billion) due mainly to higher spending on energy imports, according to official data.
Tourism receipts over the same period rose 8.5 percent to 33.1 billion dirhams and migrant remittances climbed 8.2 percent also to 33.3 billion dirhams, data from the foreign exchange regulator, Office des Changes, showed on Wednesday.
Morocco’s currency is not fully convertible and any growth in tourism and remittances helps mitigate any destabilising impact on the banking system from a net outflow of foreign exchange caused by the surge in the trade deficit.
Private foreign loans and investment stood at 12.7 billion dirhams by end-July, down 14 percent from a year earlier.
The trade deficit stood at 88 billion dirhams in January-July, 2010.
The trade deficit figure covers only exports and imports of goods. A surplus generated by exports of services absorbed 34.5 percent of the country’s trade deficit in goods in the first half of 2011.
The country of almost 33 million people has no oil or gas of its own and is one of the world’s top grain buyers.
Imports rose 20 percent to 205.6 billion dirhams after the energy import bill rose 39 percent to 51.9 billion dirhams and imports of wheat, maize and sugar rose 88 percent to a combined 12.86 billion dirhams.
Average prices of crude oil and wheat rose respectively 32 and 65 percent compared with the January-July period of last year.
According to official data, as a result of a surge in global commodity prices, Morocco’s foreign currency reserves barely cover the import needs for six months, the lowest level of coverage in several years.
In a statement issued this month, the International Monetary Fund (IMF) said the reserves “are expected to decline slightly at end-2011, while remaining comfortable, at slightly above 5 months of imports of goods and services.
