Morocco’s trade deficit recorded an annual decline of 22.2% at the end of September 2020, standing at MAD 120.4 billion ($13.08 billion).
The decline is due to a significant decrease in Morocco’s goods imports in the first nine months of 2020, in parallel with a slightly lower decline in goods exports.
At the end of September, Morocco’s imports stood at MAD 307.5 billion ($33.4 billion), recording an annual decrease of 16.2%. Meanwhile, the country’s exports declined by 11.8% and stood at MAD 187.1 billion ($20.32 billion).
The figures mark a coverage rate of 60.8%. The rate, which represents the Moroccan economy’s global independence, improved by 3.0 basis points between September 2019 and September 2020.
Morocco’s Foreign Exchange Office announced Morocco’s recent trade indicators on Tuesday, November 3.
Despite the annual decline in Morocco’s goods exports and imports, they recently increased. Between the start of July and the end of September, Morocco’s exports and imports grew by 19.4% and 8.1% respectively.
Positive services trade balance
On the other hand, Morocco’s services trade balance remained positive, at MAD 38.25 billion ($4.16 billion), despite recording an annual decline of 43.9%.
Between September 2019 and September 2020, Morocco’s exported services decreased by 35.1%, while the imports declined by 26.8%.
Morocco’s tourism revenue also fell by 59.5%, standing at MAD 24.38 billion ($2.65 billion) at the end of September. The country’s tourist endowments — the money given in foreign currency to Moroccans wishing to travel abroad — recorded an annual decline of 50.2% as well and stood at MAD 7.95 billion ($863.61 million).
The figures allowed Morocco to maintain a positive balance between tourism revenue and endowments. However, the balance’s surplus decreased by 62.9%.
Finally, the value of foreign direct investments (FDIs) recorded a 28.3% annual decline and stood at MAD 10.81 billion ($1.17 billion) at the end of September.