Automotive sector tops Morocco’s exports, cuts deficit

Morocco’s trade deficit contracted by 6.8% in the first six months this year, thanks to a rise in car exports and a drop in energy imports, the foreign exchange office said.

Imports dropped to 358 billion dirhams, while exports rose to 221 billion dirhams leaving a deficit of 138 billion dirhams.

Morocco has prepared the ground for automotive sector investors creating ecosystems that have expanded to include electric vehicles.

The automotive sector exported 70.9 billion dirhams, that is a 34.3% rise, offsetting a drop in phosphates and derivatives exports at 36.7 billion dirhams due to a slump in prices.

A decrease in oil and gas prices was reflected in Morocco’s import bill. Overall energy imports dropped 14.8% to 60.9 billion dirhams.

Remittances from Moroccans abroad rose 14% to 55.3 billion dirhams, putting the country on track to report another record year.

As tourism recovers, travel revenues totaled 47.8 billion dirhams, up 69%.