Tuesday 17, July 2018 by Kudakwashe

Morocco’s trade deficit increases by 7.8 per cent in H1 2018

 

The kingdom’s imports increased 9.9 per cent to MAD 240.9 billion, while exports climbed 11.4 per cent during H1 to stand at MAD 140.1 billion.

  

Morocco’s foreign exchange regulator announced that the trade deficit has widened by 7.8 per cent to MAD 100.83 billion ($10.7 billion) in H1 2018 compared with the same period last year, reported Reuters.

The gap widened from MAD 93.50 billion during the same period under review last year.

The increase in trade deficit was driven by a 10.8 per cent rise in equipment imports to MAD 59.18 billion, an 8.6 per cent rise in finished consumer goods to MAD 54.26 billion as well as a 15.7 per cent surge in energy imports to MAD 38.82 billion and a 9.5 per cent increase in food imports to MAD 25.54 billion.

Morocco’s exports include a 19.1 per cent increase in automotive sector to MAD 35.973 billion followed by agriculture and agri-food exports with an increase of 3.8 per cent to MAD 30.53 billion.

Tourism receipts grew 15.5 per cent to MAD 31.29 billion from MAD 27.093 billion last year, while remittances from the Moroccans living abroad rose 8.5 per cent to MAD 31.951 billion.

Foreign direct investments plunged 33.1 per cent to MAD 10.07 billion from MAD 15.04 billion in 2017.

 

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