Morocco’s trade deficit increased by 0.4% to reach 139.43 billion dirhams (MMDH) during the first six months of 2024, compared to 138.81 MMDH in the same period in 2023, according to data published by the Foreign Exchange Office. This increase is the result of a 2% increase in imports of goods to 365.87 MMDH, and a 3% increase in exports to 226.43 MMDH. The import coverage rate by exports thus improved by 0.6 points to reach 61.9%.
The evolution of imports was particularly marked by an increase in finished equipment products by 6.8% to 85.26 billion dirhams, semi-finished products by 6.1% to 79.82 billion dirhams, and finished consumer products by 3.1% to 81.36 billion dirhams. On the other hand, imports of raw products fell by 9.3% to 16.35 billion dirhams, and those of energy products by 5.2% to 57.43 billion dirhams.
Exports in the aeronautical sector increased by 16.5% to reach 12.97 billion dirhams during the first six months of 2024. This growth is mainly due to an increase in sales in the assembly segment by 27.7% to 8.44 billion dirhams, despite a slight decrease of 0.1% in the EWIS (Electrical Wiring Interconnection System) segment to 4.46 billion dirhams.
Exports of the automotive sector also increased by 9% to 80.54 billion dirhams, supported by the increase in sales of the segments “Vehicle interior and seats” (+18.9%), “Construction” (+8.4%), and “Wiring” (+8.2%). The phosphates and derivatives sector improved its exports by 7.5% to 38.56 billion dirhams, thanks to an increase in sales of phosphates (+31.5%) and natural and chemical fertilizers (+6.5%).
Good behavior of FDI and MRE transfers
The net flow of Foreign Direct Investments (FDI) in Morocco amounted to more than 10.62 billion dirhams at the end of June 2024, an increase of 51.6% compared to the same period in 2023. Revenues from these investments increased by 8.6% to reach more than 18.58 billion dirhams, while expenditure decreased by 21.2% to 7.96 billion dirhams.
Concerning Moroccan direct investments abroad, the net flow stood at +161 million dirhams, with revenues up 12.9% to 8.75 billion dirhams and expenditure down 35.6% to 8.91 billion dirhams.
Remittances made by Moroccans Residing Abroad (MRE) amounted to 56.72 billion dirhams at the end of June 2024, up 1.8% compared to the 55.69 billion dirhams recorded during the same period in 2023.
The Foreign Exchange Office bulletin also indicates that the surplus in the balance of services decreased by 5.8% to 58.45 billion dirhams, mainly due to an increase in imports of services by 11.4%, against an increase in exports by 2.8%. Travel receipts reached 49.01 billion dirhams, slightly up from 47.91 billion dirhams the previous year, while travel expenditure increased by 13.8% to 14.28 billion dirhams, bringing the travel surplus to 34.72 billion dirhams at the end of June 2024.
LNT
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– 2024-08-06 15:55:58
