Africa-Press. The foreign exchange market regulator reported that Morocco’s annual trade deficit widened by 18.4% to reach 127 billion dirhams (13.8 billion dollars) in the first four months of this year.
The regulatory body noted in its monthly report that imports rose by 12.7% compared to the previous year, reaching 296 billion dirhams, surpassing exports which amounted to 169 billion dirhams, an increase of 8.7%.
Morocco’s energy imports increased by 12% to 41.8 billion dirhams, highlighting the impact of the U.S.-Israeli war on Iran on fuel prices. Additionally, wheat imports rose by 2% to 6.2 billion dirhams ahead of the import suspension period in June and July, which the government imposed to protect local crops.
The automotive industry in Morocco, which includes factories from Stellantis and Renault, was the leading export sector with a value of 58.2 billion dirhams, an increase of 18.6%.
Morocco has the largest phosphate reserves in the world, but it recorded a 1.5% decline in exports of the mineral and its derivatives, including fertilizers, reaching 27.1 billion dirhams.
In April, the state-owned OCP Group, a producer of phosphates and fertilizers, announced that it would advance scheduled maintenance for the third and fourth quarters to the second quarter, which will lead to a 30% reduction in production.
