Morocco's Trade Deficit Widens by 25% in 8 Months

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The Foreign Exchange Office in Morocco stated in its monthly report released today, Thursday, that the country's annual trade deficit widened by 25.4% to 29 billion dollars (282.6 billion dirhams) during the first eight months of the current year, noting an increase in energy and sulfur imports.

Moroccan imports rose by 15.8% year-on-year to 63.8 billion dollars (617.5 billion dirhams), while exports increased by 8.7% to 34.6 billion dollars (334.8 billion dirhams).

Energy imports also rose by 32.6% to 9.9 billion dollars (96.3 billion dirhams), driven by rising prices of diesel and fuel oil, according to Reuters.

Morocco's wheat imports fell by 18.4% to 960 million dollars (9.3 billion dirhams) following an improvement in local harvests.

The Moroccan automotive industry, which includes Stellantis and Renault factories, is the leading export sector, recording $11.9 billion (116 billion dirhams), an increase of 14.5%.

Morocco, which has the largest phosphate reserves in the world, recorded a 6% decline in exports of this mineral and its derivatives, including fertilizers, reaching $6.3 billion (61 billion dirhams), while imports of sulfur, a key component in fertilizers, nearly tripled, reaching $2.8 billion (27.2 billion dirhams).

Remittances from Moroccans living abroad increased by 9% to $9.9 billion (89 billion dirhams), while tourism revenues rose by 9.7% to $10 billion (97 billion dirhams), and foreign direct investment reached $4.8 billion (47.3 billion dirhams), an increase of 17%.