Morocco’s Trade Deficit Widens to $20.5 bln in 2017

Morocco’s trade deficit deepened by 2.6% in 2017 to stand at 189.8 billion dirhams ($20.5 bln) compared to 185 billion dirhams in 2016, the Moroccan foreign exchange regulator (Office des Changes) said.

Morocco’s exports increased by 9.3% to reach 244.9 billion dirhams, while imports rose 6.3% to 434.7 billion dirhams, the office’ recent data show.

The rising import bill is largely ascribed to the surge of energy products by 27.3%, raw material by 15.2%, finished goods 5.1%, capital goods 1.8% and semi-finished goods 3.8%. However, food imports bill dropped by 4.7%.

Exports rose thanks to the increase in aeronautical sector (18.4%), phosphates and derivatives (11.1%), electrical goods (8.5%), agri-food (7.6%), car industry (7.1%), textile and leather (5.9%) and pharmaceutical industry products (5.7%)