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Economic Indicators

Morocco trade deficit shrinks 7% on tourism and lower imports

2024.02.04 06:33


© Reuters. FILE PHOTO: People stroll previous memento retailers in Marrakech after final month’s lethal earthquake, Morocco, October 1, 2023. REUTERS/Abdelhak Balhaki/File Photo

RABAT (Reuters) – Morocco’s annual trade deficit contracted by 7.3% to 286 billion dirhams ($28.6 billion) in 2023, helped by a drop in power imports and increased tourism income, the overseas trade regulator stated in a month-to-month report.

Imports fell 2.5% from a yr earlier to 715 billion dirhams, whereas exports elevated by 0.2% to 429 billion dirhams, the regulator stated, including that remittances from Moroccans overseas and automotive business exports additionally helped to enhance the trade deficit.

Morocco’s power imports dropped 20.4% to 122 billion dirhams after a drop each in demand and costs within the worldwide market.

Wheat imports stood at 19.3 billion dirhams, down 25.3%, whereas ammoniac imports – key for fertiliser manufacturing – fell by 58% to eight.8 billion dirhams.

Morocco, which has the world’s largest phosphate reserves, reported a 34% lower in exports of the mineral and its derivatives, together with fertilisers, to 76 billion dirhams.

Home to Stellantis (NYSE:) and Renault (EPA:) manufacturing crops, Morocco reported a greater than 27% achieve in automotive sector exports to a document 141 billion dirhams.

Tourism income additionally scaled new peaks, leaping 11.7% to 104 billion dirhams from a document 14.5 million guests to the nation final yr.

Key to Morocco’s influx of arduous foreign money, remittances from Moroccans overseas reached a document 115 billion dirhams, up 4% from 2022.

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