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The trade deficit continues to worsen despite the good rise in exports. At the end of last November, it stood at 104.38 billion MAD against 94.88 billion a year ago, an increase of 10% year-on-year. According to the Foreign Exchange Office, this situation is explained by an increase in imports (+33.78 billion dirhams) larger than that of exports (+24.29 billion dirhams). Under these conditions, the coverage rate even fell from 78.3% over the first 11 months of 2017 to 77.9% a year later.
Unsurprisingly, exports remain mainly supported by sales in the automotive sector and phosphates and by-products, while purchases of capital goods and energy products dominate imports.
