Morocco’s fertilizers and car exports hit $20 bln

Morocco’s exports of phosphates and fertilizers as well as the sales of its automotive sector hit a record 20 billion dollars that helped mitigate a surging trade deficit due to higher energy, food and equipment prices.

Morocco’s exports of phosphates and derivatives rose 54.8% to 10.3 billion dollars, while the automotive sector’s imports rose 35% to 9.6 billion.

Both sectors exceeded Morocco’s farming exports which stood at 7 billion dollars during the same period.

But, the 33.1% rise in exports fell short of covering a surging import bill which stood at 64.7 billion dollars, up 42.3%.

The rise in imports was due to a surging energy bill to 13.5 billion dollars, as well to a 7.6 billion dollars in food imports, including 2.3 billion dollars of soft wheat.