RABAT (Reuters) -Morocco’s annual trade deficit widened by 18.4% to 162 billion dirhams ($17.8 billion) in the first six months of this year, the foreign exchange regulator said on Tuesday.
Imports were up 8.9% from a year earlier to 398 billion dirhams, outweighing exports at 236 billion dirhams, up 3%, the regulator said in a monthly report.
Energy imports dropped 7.4% to 53 billion dirhams, while wheat imports fell 9% to 9 billion dirhams.
Morocco’s automotive industry, which includes Stellantis and Renault factories, was the leading export sector at 77 billion dirhams, despite a 3.6% drop.
Morocco also has the world’s largest phosphate reserves, and reported a 19% increase in exports of the mineral and its derivatives, including fertilisers, to 46.5 billion dirhams.
Remittances from Moroccans abroad, key to its inflow of hard currency, dropped 2.6% to 55.8 billion dirhams, while tourism revenue was up 9.6% to 54 billion dirhams.
Foreign direct investments stood at 16.8 billion dirhams, up 59%.
(Reporting by Ahmed Eljechtimi; Editing by Alistair Bell)
Comments