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Rabat – Morocco has slashed its spending on energy imports by 21.4%, amounting to a staggering -30.193 million Moroccan Dirhams, according to the latest data released by the Office des changes.
According to the report, this downturn is primarily attributed to a substantial reduction in the procurement of gas-oils and fuel-oils, totaling MAD 17.867 million. The decline is the result of a 17.6% drop in prices, coupled with a 9.7% reduction in imported quantities.
The country’s fiscal responsibility is further highlighted by the broader economic landscape, as indicated by the Office des changes’ latest monthly indicators on external trade.
The energy bill has witnessed a commendable 20.9% decrease, reaching 69.38 billion Moroccan dirhams by the end of July 2023, compared to 87.71 billion dirhams in July 2022.
Amidst these financial maneuvers, Morocco’s merchandise exports exhibit a remarkable stability, hovering at MAD 392.449 million as of November 2023. This steadfastness is not without nuance, however.
The decline in exports of phosphates and derivatives is offset by a surge in sales within the automotive, electronics and electricity, and textile and leather sectors.
Notably, phosphates and derivatives exports stand at MAD 67.221 million by November 2023, reflecting a stark decrease from the MAD 108.394 million recorded in November 2022.
The decline is particularly noticeable in sales of natural and chemical fertilizers (-35.3% or – MAD 26.338 million), phosphoric acid (-44.2%), and phosphates (-43.6%).
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While the agriculture and agro-food sector experiences a marginal dip in sales by the end of November 2023, attributed to a simultaneous decrease in the food industry (-0.8%) and agriculture, forestry, and hunting (-0.7%), other mining extractions see a slight decline of 1.7% or – MAD 86 million.
In stark contrast, the automotive sector’s sales surged by an impressive 30.2%, reaching +30.267 million Moroccan dirhams and totaling 130.642 million by the end of November 2023.
This surge is driven by increased sales in construction (+12.643 million), wiring (+10.426 million), and interior vehicles and seats (+2.192 million).
Similarly, the sales of the electronics and electricity sector witnessed a 27.3% increase, amounting to + MAD 4.569 million and totaling 21.298 million by the end of November 2023, compared to 16.729 million in the same period of 2022.
Turning to investments, Moroccan Direct Investments Abroad (IDME) stood at 23.641 MAD million for the first eleven months of 2023, with divestitures reaching 15.000 million—an increase from the previous year.
Net participation, excluding intra group debt instruments and reinvested profits, remains nearly stable, with a minimal decrease of 0.7% or -16 million.
As of November 2023, Foreign Direct Investment (FDI) revenues witnessed an 18.8% decline (MAD 29.333 million in November 2023 compared to 36.124 million in November 2022), while expenditures surged by 73.5% or +9.072 million.
Consequently, the net FDI flow dwindled from MAD 23.777 million in November 2022 to MAD 7.914 million in November 2023, marking a substantial 66.7% decrease or -15.863 MDH.
