Morocco’s trade deficit shrinks up to May

Morocco’s trade deficit narrowed by 1% from January to May to 117 billion dirhams ($11.7 bln), after exports rose to 191 billion dirhams, but still less than imports at 308 billion dirhams.

The automotive sector topped Morocco’s exports at 67 billion dirhams, up 12%, auguring well for another record exports this year.

Aeronautics was the second largest industrial sector in terms of exports at 10.6 billion dirhams, up 17.5%.

Despite a drop in phosphoric acid earnings, Morocco’s exports of fertilizers and phosphates improved to 32 billion dirhams, up 5.2%.

Farming exports dropped 0.7% to 41.7 billion dirhams as the country struggles with the impact of its sixth consecutive drought.

Morocco, which imports most of its energy products, reported a drop in energy imports by 5.2% to 49 billion dirhams.

Remittances from Moroccans abroad rose 2.4% to 46.3 billion dirhams. Tourism receipts were at a similar level at 41 billion dirhams, up 1.6%.