Morocco’s trade deficit has seen a 3.2% increase by the end of August 2024, totaling MAD 196.85 billion, compared to MAD 190.79 billion for the same period last year, according to the Office des Changes, the country’s foreign exchange authority.
– A significant contributor to this rising deficit is the 4.6% growth in imports, which reached MAD 491.95 billion.
– Exports also experienced a boost, increasing by 5.5% to MAD 295.09 billion.
– Despite the growing deficit, the coverage rate—the ratio of exports to imports—improved slightly by 0.6 points to 60%.
The increase in imports was largely due to a notable rise in finished equipment products, which surged by 10.9% to MAD 113.99 billion. Other sectors contributing to this growth included:
– Semi-finished products, which saw an increase of 8.1%, totaling MAD 106.20 billion.
– Finished consumer goods grew by 4.3% to MAD 111.28 billion.
– Food products experienced a modest rise of 1.7%, reaching MAD 61.14 billion.
However, some sectors faced declines, particularly:
– Raw materials decreased by 4.7%, totaling MAD 21.45 billion.
– Energy products fell by 2.8%, amounting to MAD 77.39 billion.
On the export side, Morocco’s aerospace industry led the way with an impressive growth of 21.2%, reaching MAD 17.42 billion. Other notable increases included:
– Phosphate exports rose by 11.7% to MAD 53.50 billion.
– The automotive sector grew by 7.6%, with exports totaling MAD 101.71 billion.
Meanwhile, exports of electronics and electrical products, along with those from the agriculture and agri-food sectors, remained largely stable at MAD 11.98 billion and MAD 56.83 billion respectively. However, the textile and leather sector saw a slight decline, with exports dropping by 0.7% to MAD 31.78 billion.
