Morocco’s trade deficit grows in the first nine months of 2018

From January to September 2018, Morocco’s trade deficit grew to 152.2 billion dirhams, raising to 8.2 percent compared to last year, reports Reuters quoting the foreign exchange regulator.

The country’s imports increased by 9.7 percent, reaching 353.8 billion dirhams while exports accounted for 201.5 billion dirhams.

Energy imports, on the other hand, rose to 19.4 percent, 60.5 billion dirhams in the Kingdom. Automotive sector heads Morocco’s exports, raising to 14.6 percent, 48.8 billion dirhams.

Phosphate sales climbed by 16.6 to 38.2 billion dirhams.

According to the same source, Morocco’s trade deficit «was left on the country’s exchange reserves, which dropped 0.4 percent year on year to 223.5 billion dirhams at Oct. 12 - enough to cover five months of import needs - according to central bank data».

Meanwhile, foreign direct investments dropped to 3.2 percent which accounts for 19 billion dirhams in the first nine months of 2018, concluded the British news agency.