The "Exchange Office" in Morocco revealed that the trade deficit increased by 25.5 percent to 151.8 billion dirhams (16.5 billion dollars) in the first nine months of this year.
Moroccan imports rose by 23.4 percent to 382.2 billion dirhams, while exports increased by 22 percent to 230.4 billion dirhams in the period from January to September; compared to the corresponding period last year.
The trade deficit is partly due to a 38.6 percent rise in energy imports to 51.5 billion dirhams. The automotive sector led industrial exports in Morocco with sales of 58.3 billion dirhams, an increase of 16.4%, while exports of phosphates and its derivatives such as fertilizers increased by 44.6% to 54.8 billion dirhams.
Remittances from Moroccans living abroad, a major source of foreign currency, rose by 42.5 percent to 71.8 billion dirhams, offsetting a 6 percent drop in tourism revenues to 24.7 billion dirhams. Foreign currency reserves are expected to reach 335 billion dirhams ($37 billion) this year.
Source (Asharq Al Awsat Newspaper, Edited)
