Morocco’s trade deficit broadens by 8.6 percent in January

The Kingdom’s trade deficit grew by 8.6 percent to 15.7 billion dirhams in the first month of 2019, compared to the same period last year, reports Reuters, quoting Morocco’s foreign exchange regulator.

This rise is due to data registered in the same month. In January, the country’s imports rose to 7 percent, reaching 39.5 billion dirhams, while exports registered 23.8 billion dirhams moving by 5.9 percent.

On the other hand, foreign direct investments fell by 30.4 percent making 1.57 billion dirhams and remittances from Moroccans living abroad plunged by 9.2 percent to 5.4 billion dirhams, the same source said.

«Morocco’s foreign exchange reserves dropped 3 percent year on year to 227.2 billion dirhams as of Feb.22, enough to cover five months of import needs», wrote Reuters quoting the Moroccan agency.