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(HCP):Export Volume Up 5.6% in the first quarter of 2022

The volume of national exports of goods and services would have posted a growth of 5.6% in the first quarter of 2022, in a context of sharp acceleration of export prices, says the High Commission for Planning (HCP).

In value, exports of goods would, in fact, increased by 29.5% year-on-year, instead of 12.6% a year earlier, says the HCP, which has published a note on the situation of the main economic indicators observed for the fourth quarter of 2021, estimated for the first quarter of 2022 and reporting the forecasts for the second quarter.

This rise would have been carried, mainly, by the increase in external sales of phosphates and its derivatives which would have contributed 14.5 points to the overall evolution of exports of goods in value, explains the same source.

Excluding phosphates and derivatives, exports would have increased by +19.3%, benefiting from the recovery of external sales of the aerospace industry of 61.5% instead of -17.3% in the first quarter of 2021, and sales of the textile sector which would have shown an increase of 28.2% during the same period.

For their part, imports of goods, in value, would have shown a growth of 37%, instead of 2.6% during the same period of 2021, notes the HCP, adding that this acceleration would have been attributable to the 88.8% increase in purchases of energy products in the wake of the surge in international prices of refined products, including those of gas and fuel oils.

Purchases of semi-finished products would have been, also, dynamic, contributing 10.9 points to the overall evolution of imports, followed by food products with a contribution of 5.3 points and capital goods which would have grown by 20.3%. In contrast, imports of finished consumer goods have slowed slightly, suffering from the 15.7% decline in imports of passenger cars.

“The more pronounced increase in imports compared to exports would have accentuated the deficit in the balance of trade in goods and generated a 3.5 point drop in the rate of coverage of imports by exports in the first quarter of 2022, compared to the same period of 2021,” estimates the HCP.

According to (HCP), The growth of the national economy would be at 1.8% in the second quarter of 2022, instead of 15.2% in the same quarter of 2021.

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