Morocco’s trade deficit shrinks in 2023 following record exports

Morocco’s trade deficit shrank 7.5% in 2023 thanks to a record performance by the tourism and automotive sector and higher remittances from Moroccans abroad.

The deficit stood at 286 billion dirhams following a drop in imports to 715 billion and an increase in exports to 429 billion dirhams.

The drop in the import bell was partly a result of a decrease in energy imports by 20.4% and purchases of semi-finished goods by 10.5%, including ammonia (-58%).

Morocco’s phosphates and derivatives exports fell 34% to 76 billion dirhams, a performance that was offset by strong sales by other sectors.

The automotive sector in particular posted a record $14.1 billion exports, while tourism receipts jumped 11.7% to $10.4 billion.

Remittances grew to a record $11.5 billion, up 4%, a growth that was also reflected in the inflow of foreign direct investments.

The central bank has said in December Morocco’s reserves were at a comfortable level covering about six months of import needs.