Morocco's trade deficit increased by 26.6% to 164 billion dirhams (about 17.8 billion dollars) in the first ten months of 2021.
According to the Moroccan Exchange Office, Morocco's imports rose by 23 percent to 424 billion dirhams, and exports jumped by 20.7 percent to 260 billion dirhams in the period from January to October, compared to the previous year.
The trade deficit is partly attributable to a 43% rise in the cost of energy imports to 58.8 billion dirhams. The automotive sector continues to lead Morocco's exports with a value of 66 billion dirhams, an increase of 12.4 percent, followed by exports of phosphates and its derivatives, including fertilizers, with a value of 61 billion dirhams, an increase of 47.2 percent.
Remittances from Moroccans living abroad increased by 43.3 percent to reach a new record of 79.6 billion dirhams, compensating for the decline in tourism revenues to 28.7 billion dirhams, an almost constant level compared to the same period last year. Foreign currency reserves are expected to reach 335 billion dirhams ($37 billion) this year, which is enough to cover imports in seven months, according to the data of the Moroccan Central Bank.
Source (CNBC Arabic Website, Edited)
