Morocco has reported a significant decrease of 13% in energy and lubricant import costs in the third quarter of 2024 compared to the same period in 2023, according to the latest figures from the country’s Statistics and Forecasts Office (HCP).
The decline is the sharpest drop among all major import categories and has contributed to an overall reduction of 1.6% in the country’s import unit value index – a measure of the average value (price) of goods imported.
The decline in energy costs stems from global market trends, aligning with broader reductions in industrial equipment (-4.0%), food and beverages (-4.5%), and raw animal and vegetable products (-7.3%), HCP data indicates.
Despite the drop in the energy bill, some sectors recorded growth, with semi-finished products rising by 7.4% and consumer goods increasing by 3.3%.
While energy imports notably dropped, the export unit value index rose by 0.5% during the same quarter. The increase was primarily driven by a 7% rise in semi-finished goods and a 3.3% uptick in energy and lubricants.
However, exports of agricultural equipment and raw materials for minerals faced double-digit declines, at 11% and 12%, respectively.
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