Morocco’s government acknowledged that COVID-19 crisis continues to negatively impact its economy.
Rabat – Morocco’s Exchange Office has said that the country’s exports stood at 187.1 ($20.53) billion by the end of September, marking a decline of 11.8 %.
The office said that coverage rate reached 60.8%, an improvement of three points.
The office justified the decline to the decrease in sales volume in most sectors, especially cars (-16.1 %) or MAD 49.15 billion ($5.39 billion), textile and leather sector (-22.3 %) or MAD 21.76 billion($2.38), and aviation (24.7%), which recorded MAD 9.38 billion ($1.03).
The decline is also due to the decrease in sales volumes for phosphates and its derivatives (-2%) or MAD 37.9 billion, and other mineral extracts (-22.4%) or MAD 2.45 billion) or $268.84 million.
Agriculture and food industries (-1.1%) recorded MAD 44.9 billion or $4.93 billion in sales, while electronics and electricity (-3.2 %) registered MAD 7.33 billion or $ 804.33. For other industries, there was a decline of 21.9% and a sales volume of MAD 14.21 billion $1.56 billion.
Meanwhile, Moroccan imports decreased by 16.2% to MAD 307.5 billion or $33.74 billion.
The imports dropped in various products, especially energy products (- MAD 19.96 billion ) or $2.19 billion, consumer products (-18.18 billion) or $1.99 billion, processing products (-16.74) or $1.84 billion, semi-finished products (-10.09 billion) or $1.10 billion, and raw products (-2.02) or $221.6 million.
Food purchases rose by MAD 7.82 billion or $858.1 million, however.
According to the office, the trade deficit subsequently decreased by 22.2% to reach MAD 120.4 billion by the end of September.
These grim figures constitute an acknowledgement from Morocco’s government that the COVID-19c crisis continues to negatively impact the country’s economic prospects in several sectors.
To meet the challenges it faces, the government issued a recovery plan to revive the country’s economy.
In his Throne Day speech in July, King Mohammed VI announced a recovery plan to rescue some of the country’s hardest-hit sectors by the pandemic.
The King said that Morocco will insect MAD 120 billion or $12.8 billion into the national economy.
The budget seeks to help Morocco position itself among the most “enterprising countries in terms of post-crisis stimulus packages.”