Morocco narrows its trade deficit by 7.6% in November

Morocco cut its trade deficit by 7.6% in November thanks to higher exports of the automotive sector and lower energy prices.

Morocco’s imports stood at 653 billion dirhams, down 3.3%, while its exports remained almost stable at 392 billion dirhams.

A drop in phosphates and by product sales was compensated by an improvement in sales of the automotive sector.

Morocco’s car industry exports rose 30.5% to 130 billion dirhams, nearly double phosphates sector exports at 67 billion dirhams.

Energy imports dropped 21% to 110 billion dirhams, as the market adapts to geopolitical shocks that sent prices skyrocketing two years ago.

Remittances from Moroccans abroad hit 105 billion dirhams, up 4.4%, while tourism revenues rose by 15.8% to 97 billion dirhams.