The Moroccan Exchange Office has released its June 2019 figures, showing that import rates into Morocco grew faster than export rates during the first half of 2019, increasing the trade deficit.
Rabat – According to the Moroccan Exchange Office figures for June 2019, during the first half of 2019 Moroccan exports increased by 3.1%, while imports increased by 3.8%. Morocco’s trade deficit has therefore increased compared to the same period last year.
Morocco’s trade deficit reached MAD 102.460 million, up from MAD 97.7 million last year.
According to the Exchange Office, the increase in the rate of imports is due to an increase in the imports of capital goods, in particular the acquisition of airplanes (airport import rates increased by 9.9%).
Import rates of finished consumption products (including synthetic fabrics and plastic products) and half finished consumption products (including steel threads and bars, and other metal products) also increased by 3.2% and 5.7% respectively.
The Exchange Office identifies that the slowdown in exports is due to a slowdown in automobile exports, phosphate exports, and textile and leather exports.
Export growth rates for finished vehicles dropped by 4.8% in the first half of 2019. According to a statement by the Exchange Office in April, this drop is due to a global slowdown in automobile demand.
However, vehicle cabling exports increased by 6.9%, indicating a strong performance in the broader vehicle supply chain ecosystem.
A number of international cabling companies are present in Morocco including French group Nexans, German company Kromberg & Schubert and Japanese company Yazaki.
German group Prettl Automotive entered Morocco’s cabling industry market this year. The group opened an 8600 square meter cabling factor in Tangier in April, employing up to 600 people.