Morocco’s trade deficit shrinks by 14.6% in first quarter 2024

Morocco’s trade deficit dropped to 61.9 billlion dirhams, down 14.6%, thanks to higher exports and lower imports, the foreign exchange office said.

Morocco’s automotive sector topped exports with 38.8 billion dirhams, up 13%, offsetting a 2.3% drop in phosphates exports at 17.6 billion dirhams.

Morocco’s energy imports dropped in value by 13.6% to 28 billion dirhams, although they upticked slightly in volume.

Despite an increase in arrivals, tourism revenue fell 5.1% to 23.7 billion dirhams, while remittances from Moroccans abroad remained almost stable at 27.4 billion dirhams.