Morocco’s Trade Deficit Narrows as Phosphate and Automotive Exports Surge

In its note on the monthly indicators, the office reports a 2.4% reduction in the trade deficit to 46.947 billion dirhams, compared to 48.087 billion dirhams a year earlier. This is explained by a greater increase in exports (+2.914 billion dirhams) than imports (+1.774 billion dirhams).

In terms of exports, they stood at 74.24 billion dirhams against 71.326 billion dirhams, thanks to a good performance of Phosphates and derivatives (+20.5%), Agriculture and agri-food (+3.2%) as well as Automotive (+1.6%).

As for the automotive sector, this growth comes from cable sales at 8.354 billion dirhams against 8.074 billion dirhams (+3.5% or +280 million dirhams). During the same period, sales of automotive construction and those of vehicle interiors and seats fell by 1.5% and 3.3% respectively.

In terms of services as a whole, their exports fell by 4.3% while imports fell by 10.2%, according to the Office, which states that the trade balance for services recorded a surplus up 3.6%.