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Morocco’s trade deficit increases

The trade deficit reached at the end of June 2019 some 102.4 billion dirhams up 4.9% over the same period of the previous year, according to the Exchange Office.

This worsening is explained by an increase in imports (+9.1 billion dirhams) larger in value than that of exports (+4.4 billion dirhams), indicates the Office of the foreign exchange in a note on the monthly indicators of the foreign exchanges of the June, noting that the coverage rate was 59.1%.

The rise in imports of goods is attributable mainly to increased imports of capital goods (+5.9 billion dirhams), purchases of semi-finished products (+2.93 billion dirhams) and finished products of consumption (+1.73 billion dirhams), says the same source.

On the other hand, imports of food products, raw products and energy products fell respectively by 721 million dirhams, 506 million dirhams and 266 million dirhams, adds the Office.

For its part, the energy bill reached more than 38.42 billion dirhams in the first six months of 2019 against 38.69 million dirhams a year earlier, says the Office, stating that the share of this bill in total imports was 15.3% compared to 16% a year earlier.

Imports of capital goods, consisting mainly of aircraft acquisitions, rose 9.9%, while semi-finished imports rose 5.7%. The same source, noting that the share of purchases of these two groups of products in total imports increased by 1.8 points, or 47.6% against 45.8% a year earlier.

In addition, the Exchange Office indicates that for the first six months of 2019, exports amounted to nearly 148.1 billion dirhams against 143.7 billion dirhams for the same period of 2018, explaining this increase by the increased exports from several sectors, notably aeronautics (+12%), agriculture and agri-food (+6.7%), automotive (+1.7%), and phosphates and derivatives (+1.1%).

On the services side, the balance of trade shows a surplus up 13.2% to 40.37 billion dirhams at the end of June 2019 against 35.65 billion dirhams a year earlier, notes the Office, stating that exports have increased 1.8%, while imports fell by 6.7%.

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