Morocco's Foreign Exchange Bureau reported that the foreign direct investment rose 28.6% to reach 33.5 billion dirhams, in line with the trade deficit surging 8% to 204 billion dirhams ($21.36 billion) in 2018, compared with the previous year.
Imports rose 9.3% to 478.7 billion Moroccan dirhams, topping exports of 274.2 billion dirhams, up 10.2 percent. While the country's imports bill of energy increased 18.4% to 82.3 billion dirhams. Total exports of automotive sector amounted to 60 billion dirhams, up 10.7 percent, while sales of phosphate and its derivatives increased 17 percent to 51.7 billion dirhams.
On the other hand, remittances from Moroccans living abroad fell 1.7% to 64.8 billion dirhams, while tourism revenues grew 1.4% to 73.2 billion dirhams. The widening trade deficit affects Morocco's foreign exchange reserves, which fell 5.2 percent year-on-year to 229 billion dirhams on January 9, which is enough to cover the country's imports for five months.
Source: (Al-Arabiya.net, Edited)
