News

Morocco’s deficit up 7.7%

17 de junho de 2016

The country’s trade balance registered a USD 6.9 billion deficit from January to May. Imports increased more than exports.

Rabat – Morocco’s trade deficit went up 7.7% from January to May in comparison to the same period of last year and reached MAD 67.42 billion (USD 6.9 billion), according to data released by the country’s Exchange Office.

The deficit’s surge was due to an increase of 4.3% in imports, while exports went up only 2%.

The increase in external purchases, which totaled MAD 163.35 billion (USD 16.8 billion) from January to May, was driven especially by capital and consumer goods, semi-finished products and foodstuff.

However, there was a drop of 31% in imports of items from the oil and gas chain, which prevented an even higher increase in overall imports.

In turn, exports totaled MAD 95.92 billion (USD 9.9 billion). There was an increase in shipments of the auto, textile, agricultural and aviation sectors, but a decline of 11% in sales of phosphate and related products, one of the main exporting sectors of Morocco.

*Translated by Sérgio Kakitani