Morocco has imported more soft wheat from the EU following a drought that compromised the country’s harvest last year.
The North African country is planning an additional purchase of 1.5 million tons in the March-May period, Reuters reported.
Revived black sea competition have helped push down prices although these remain still higher compared to the pre-Russia-Ukraine war period.
Higher wheat, sugar and cooking gas prices led the government to increase spending on subsidies last year to 44 billion dirhams, compared with 1.3 billion in 2021.
Speaking to MPs last week, finance minister Nadia Fettah Alaoui said soft wheat stocks were enough to cover three months of Morocco’s needs, while hard wheat reserves covered two months.
The central bank said it expects Morocco’s cereals harvest to stand at 5.5 million tons this year, up from 3.4 last year.
