Morocco’s trade deficit narrows on lower energy imports

Morocco’s trade deficit shrank 6.5% as the country’s energy imports dropped 20%, Morocco’s foreign exchange office said.

Energy imports stood at 69 billion dirhams, offsetting a drop in phosphates and fertilizers exports by 40% to 40.8 billion dirhams, due to lower prices.

State-owned phosphates and fertilizers producer said a few days ago its sales were still higher compared to 2021, prior to price hikes. It added that demand would surge later this year and voiced readiness to meet incremental demand.

Car industry exports rose 37% to 82 billion dirhams, signaling strong demand across all segments of the sector.

Tourism receipt spiked 50% to 57 billion dirhams and remittances from Moroccan expatriates continue on their upward trend to 66 billion dirhams, up 10%.