Morocco’s Exports Plummet 20% Amid Global COVID-19 Disruptions

The statistics on foreign trade at the end of April show a 19.7% drop in exports, or 20 billion DH less. As for imports, they fell at the same pace, according to the Office of Foreign Exchange, which notes the partial deterioration of the trade balance. Apart from phosphates whose "sales have stabilized, all the major export sectors have been hit hard by the effects of the decline in global demand, the disruption of logistics chains and the shutdown of several activities in Morocco".

The automotive industry, for example, fell by 39% or 11 billion DH at the end of April, textiles by 28%, aeronautics by 34% and agriculture and agri-food by 7%. As for imports, the only good news comes from cereals, the purchases of which have increased by 22% due to the drought. Imports of capital goods fell by 18%, 22% for energy products; that of finished consumer goods fell by 15%, and that of semi-products by 12%.

Regarding travel receipts, it should be noted that in April alone, receipts reached 3.1 billion, a drop of 51%, even if "the sector continued to generate receipts despite the closure of borders and the virtual cessation of all tourism activity". As for Moroccans’ travel expenses abroad, they fell by 30%. The same goes for remittances from Moroccans living abroad, which show a 10% decline at the end of April, the same source specifies.