Home / Finance & Economy / The Trade Deficit continues to deteriorate at the end of 2018

The Trade Deficit continues to deteriorate at the end of 2018

Morocco’s trade deficit widened by 7.7% to around 17.4 Billion euros (186.36 Billion dirhams) at the end of November 2018 compared with 16.1 Billion euros (173.08 Billion dirhams) during the same period a year ago, according to the Exchange Office.

This worsening is explained by a significant increase in imports of 35.36 Billion MAD, higher than that of exports (+22.08 Billion dirhams), the Foreign Exchange Office said in a note on its preliminary indicators of foreign trade November 2018, adding that the coverage rate was 57.2% between January and November 2018 instead of 56.7% a year earlier.

The increase in imports of 8.8% to around 435.41 Billion MAD at the end of November 2018 is attributable to the increase in acquisitions of all product groups, especially energy products (+ 18.4% to 11.61%)Billion MAD), purchases of capital goods (+ 7.8% to 7.8 Billion dirhams), and finished products of consumption (+ 7.1% to 6.5 Billion dirhams), notes the Office, noting that the increase in purchases of these three product groups represents 73.3% of the total increase in imports.

As for exports, these also recorded an increase of 9.7% to nearly 249.04 Billion MAD during the first eleven months of 2018, said the same source, which explains this result by the growth of exports from the all sectors, mainly those in the automotive sector (+5.72 Billion dirhams), phosphates and derivatives (+5.30 Billion dirhams), and agriculture and foodstuffs (+3.06 Billion dirhams).

These three sectors contribute up to 63.8% in the total increase in exports, says the same source, before adding that the aeronautics and textile and leather sectors respectively increase +1.46 Billion MAD and +1.36 Billion MAD.

Check Also

The Israeli company NewMed Energy will look for gas in southern Morocco

The Israeli company NewMed Energy announced the signing of a memorandum of understanding for the …

Leave a Reply