Morocco’s trade deficit expanded 7.8 percent in the first 10 months of 2018 compared with the same period last year, the foreign exchange regulator revealed. Imports rose 9.2 percent to 393.3 billion Moroccan dirhams ($41.51 billion), outstripping exports of 226.3 billion dirhams, up 10.3 percent.
Energy imports, including gas and oil, weighed on Morocco’s trade balance with a rise of 19.7 percent to 67.69 billion dirhams. Sales of phosphates and byproducts topped Morocco’s exports climbing by 14.6 percent to 42.2 billion dirhams. Exports in the automotive sector came second with an increase of 11 percent to 60 billion dirhams.
The deepening trade deficit affected Morocco’s foreign exchange reserves, which dropped 3.5 percent year-on-year to 223.3 billion dirhams.
Foreign direct investments jumped by 41.5 percent to 30.27 billion dirhams in the first ten months the year, the foreign exchange regulator’s data showed.
Source (Al-Hayat newspaper, Edited)
