Home Economy Rising Imports Bring Morocco’s Trade Deficit up 8% Year-to-Date

Rising Imports Bring Morocco’s Trade Deficit up 8% Year-to-Date

Rising Imports Bring Morocco’s Trade Deficit up 8% Year-to-Date

Rabat – From January to July 2018, Morocco’s trade deficit increased by 8 percent to MAD 118.3 billion.

According to the Directorate of Studies and Financial Forecasting (DEPF) within the Ministry of Finance, the trade deficit growth is due to rises in both exports and imports, up by 11.2 percent and 9.8 percent, respectively.

Exported goods totaled MAD 160 billion, a good performance of al sectors.

Morocco’s leading export sector, the automotive industry, achieved an export turnover of MAD 38.5 billion, up by 16.9 percent. The automotive sector was followed by agriculture and agri-food exports, up by 5 percent to 34.5 billion.

Phosphates and derivatives exports increased by 15.1 percent to MAD 29.2 billion.

Aeronautics exports rose by 19.8 percent to MAD 7.1 billion, while the electronic sector saw a 4.7 percent rise to MAD 5.6 billion.

Textile and leather exports also saw an increase of 4.1 percent to MAD 22.9 billion.

Export of pharmaceutical products increased by 7.9 percent to MAD 765 million.

In the first seven months of 2018, Morocco imported goods worth MAD 278.3 billion, up by 9.8 percent over the same period in 2017.

Capital goods led the list of Morocco’s imports with an increase of 12.1 percent to MAD 68.7 billion. The increase is primarily due to Morocco’s buying of aircraft and other air vehicles or space parts (MAD 1.5 billion), and diodes, transistors and photosensitive devices (MAD 914 million).

Purchases of finished consumer goods increased by 7.2 percent to MAD 62.3 billion. This increase includes the combined increase in purchases of parts and components for cars and tourism vehicles, up by 26.7 percent, and various plastic products, up by 20.9 percent.

Imports of semi-finished products increased by 4.4 percent to 58.8 billion dirhams. Imports of copper wires, and bars,increased by 33.5 percent.

Purchases of energy increased by 16.8 percent to MAD 45.6 billion, due to the particular increase in purchases of gas oils and fuel oils, up by 17.8 percent to MAD 22.6 billion.

Purchases of food experienced a 7.5 percent rise to MAD 28.6 billion, covering an increase in the purchases of oilcake, corn, and spices to MAD 727 million, MAD 412 million, and MAD 361 million, respectively.

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