Morocco’s Trade Deficit Widens 2.3% as Imports Outpace Export Growth

This increase in the trade deficit is justified by an increase in imports (+11.638 MMDH) against an increase in exports (+7.269 MMDH), indicates the Office des Changes, noting that the coverage rate remained stable at 57.4%.

According to the same source, the increase in goods imports is mainly attributable to the increase in imports of capital goods (+8.668 MMDH), purchases of semi-finished products (+4.512 MMDH) and consumer finished products (+4.046 MMDH). It also specifies that imports of energy products and raw materials decreased by 5.633 MMDH and 1.854 MMDH respectively.

As for exports, they stood at 258.44 MMDH for the first 11 months of 2019, compared to 251.17 MMDH for the same period in 2018. The office, however, specifies that this increase is the result of the increase in exports, particularly in the aeronautics (+7.7%), automotive (+5.4%) and agriculture and agri-food (+3.8%) sectors.

Sales in the textile and leather sector, the "other mining" sector, the phosphates and derivatives sector, the electronics sector and the pharmaceutical industry recorded declines of 793 million dirhams (MDH), 429 MDH, 378 MDH, 195 MDH and 8 MDH respectively.