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Morocco: The trade deficit widens

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.

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