Morocco trade deficit rose by 25.2% in 2011

Rabat, January 19, 2012 (MAP)

Morocco’s trade deficit increased by 25% in 2011 to 185.1 billion dirhams due mainly to the growing costs of energy imports, provisional data from the country’s foreign exchange regulator, Office des changes, showed.

The trade deficit stood at 148.3 billion dirhams in 2010.

The increase in the value of imports was due to higher energy imports which reached 90.86 billion dirhams in 2011, up 32.7% from 2010, the Office said.

These figures lead to a current account deficit equivalent to 55 billion dirhams its Gross Domestic Product (GDP) in 2011, up 4.3% from 2010.

 According to the Office, remittances by Moroccans living abroad rose 7.3% to 4 billion dirhams.