Morocco’s trade deficit narrows as energy prices fall

After collapsing in 2022 and early 2023, Morocco’s trade deficit is showing signs of recovery, increasing by just 7.6% year-on-year at the end of November 2023.

Morocco’s trade deficit narrowed to 7.6% year-on-year at the end of November, the Moroccan Foreign Trade Authority said in a Jan. 1 report.

According to the regulator, the restoration of the trade deficit is mainly due to a decrease in spending on imported energy, as well as semi-finished products and raw materials.

Thus, the cost of energy imports fell by up to 21.4%, that is, 2.9 billion dollars, a decrease that is due both to prices, which fell by 17.6%, and to a decrease in the volume of imports of 9.7%.

The volume of imports of semi-finished products decreased by 11.3%, mainly due to ammonia, which was imported by 59.1%, or $1 billion less.

Imports of raw materials decreased by 23.6%, or $959 million, mainly due to sulfur (-60%).

At the same time, food imports do not show a downward trend, as the country continues to experience drought and imported foods already form the basis of the Moroccan diet.

Thus, according to the results of the first 11 months of 2023, the cost of imported food products increased to $8 billion, 1.2% more than last year.

Source: Rossa Primavera

Michael

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