By Loubna Flah
By Loubna Flah
Morocco World News
Casablanca, September 21, 2012
The latest figures released last August revealed that Morocco’s trade deficit has increased by 6, 1%. Last month was marked by a considerable outflow of domestic currency to foreign markets due in particular to the amount of imports exceeding the volume of exports.
According to the Moroccan daily Al Massae, the volume of foreign trade reached MAD 368.60 billion last month, thus a 4.3% increase.
The increase in the volume of foreign trade is ascribed mainly to the rise of imports that have increased 4.7% and more particularly oil Imports that increased by 7,6%. Energy imports reached MAD 64.7 billion while it did not exceed MAD 60.1 billion last year
The dependency on international markets for energy supply burdens the trade balance and impedes considerably the autonomy of Moroccan industry. It is of note that Morocco imports 98% of its energy needs from international markets.
Nonetheless, Moroccan exports totaled MAD 119.98 billion last month which was an increase of 3 %.
Phosphates and its derivative products constitute a large part of Moroccan exports.
The volume of phosphate exports increased by 12.3% while the volume of its derivative products has increased by 3,6%. Equipment products and consumption goods also increased by 4.8% and 4.6% respectively.
The inflow of remittances dropped significantly last month. Last year the transfer of remittances reached MAD 40.04 billion while they have not exceeded this year MAD 38.40 billion. Thus, the contribution of Moroccan immigrants abroad to the foreign currency reserves has dropped by 5%.
Despite the rise in phosphate exports the trade balance still suffers a severe deficit. The sharp drop in remittances mainly due to the financial crisis in Europe and the US does not help to reduce this trade imbalance.
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