The office also cited a significant drop in energy imports triggered by lower prices in international markets. By July, Morocco’s energy imports slid 31, while equipment purchases dropped 18%.
Food imports soared as imports of wheat surged 44% due to Morocco’s feeble domestic harvest after insufficient rainfall.
The narrowing of the deficit at first sight sounds good for Morocco’s balance of payments but it unfortunately reveals a drop in foreign demand on Moroccan industry.
Car industry exports registered a steep drop of 28.7% to 32.7 billion dirhams, while the aeronautical industry exports contracted 21.2% to 7.63 billion dirhams.
Textile exports, for their parts, went down 30% to 16 billion dirhams while the agrifood sector’s exports decreased 4.7% to 36.5 billion dirhams.
Morocco, which has the largest phosphates reserves, saw its phosphates and fertilizers exports dwindle 4.2% to 28.8 billion dirhams, notably because of lower prices in international markets.
The performance of travel receipts took a free fall diminishing by nearly a half at 23.1 billion dirhams and remittances from Moroccans abroad dropped 3.2% to 36.1 billion dirhams.
The inflow of foreign direct investments was 21.5% lower compared to the same period last year standing at 9 billion dirhams.