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Tuesday, July 16, 2024

Morocco’s Trade Deficit Up 56.1% at End of Aug. 2022

Morocco’s trade deficit increased by 56.1% at the end of August 2022 compared to the same period in 2021, to MAD 214.76 billion, according to the Office des Changes (OC, Foreign Exchange Office).

Imports have reached more than MAD 491.57 billion in the first eight months of the year 2022, against MAD 339.56 billion at the end of August 2021, an increase of 44.8% while exports have increased by 37% to MAD 276.80 billion at the end of August 2022, said the Office in its monthly indicators of foreign trade in August.

The coverage rate, meanwhile, lost 3.2 points (56.3% against 59.5%), adds the same source.

The increase in the purchase of goods follows the increase in imports of the majority of product groups, stresses the office which notes that the energy bill has reached more than MAD 103.05 billion at the end of August 2022 against MAD 45.16 billion at the end of August 2021.

This development is dependent on the rise in purchases of gas oils and fuel oils (+MAD 27.967 billion) due to the increase in prices that have more than doubled. In parallel, the quantities imported have increased by 11.5%.

Regarding imports of semi-products, they have increased by 53.1% following the strong growth of purchases of ammonia (MAD 13.58 billion against MAD 4.04 billion).

For their part, imports of raw products have increased by 69.5%, notes the Office, stating that this increase is due to the increase in purchases of crude and unrefined sulfur that have more than doubled (+9.25 billion dinars).

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