Trade Deficit Shrinks by 7.2% by End-September (Office des Changes)

01 November 2023 Printable Version

Rabat - Morocco's trade deficit stood at over 215.78 billion dirhams (MAD) at the end of September 2023, down 7.2% from the same period a year earlier, according to the Office des Changes (Foreign Exchange Office).

Imports fell by 4% to over MAD 530.94 billion, and exports by 1.6% to MAD 315.15 million, according to the Office, which has just published its monthly foreign trade indicators for September, noting that the coverage rate rose by 1.4 points to 59.4%, compared with 58% a year earlier.

The decrease in imports of goods is essentially due to lower purchases of energy products, semi-processed goods, and raw materials, explains the Office.

The energy bill fell by 20.9% to MAD 91.03 billion at the end of September 2023, compared with MAD 115.09 billion at the end of September 2022.

Imports of semi-finished products fell by 13.3%, following a 61.8% drop in ammonia purchases to MAD 5.85 billion at the end of September 2023, compared with MAD 15.34 billion at the end of September 2022.

Similarly, purchases of raw products reached MAD 26.34 billion at the end of September 2023, compared with MAD 35.32 billion at the end of September 2022, down 25.5%.

Imports of food products remained virtually stable at MAD 66.98 billion.

Imports of capital goods, on the other hand, rose by 14%, from MAD 103.14 billion at the end of September 2022 to MAD 117.579 billion at the end of September 2023.

Imports of finished consumer goods rose by 12.9%, mainly as a result of a 30.9% increase in purchases of parts and components for passenger cars and a 25.3% increase in purchases of passenger cars.

As for exports of goods, the increase mainly concerned the automotive sector (+33.1%), electronics and electricity (+30.7%), and textiles and leather (+7.2%).