This is 28.6 billion DH less than in 2019. The drop in imports is much greater, hence a reduction in the trade deficit. Tourist revenues are plummeting, transfers from MREs are holding up.
The figures for Morocco’s foreign trade at the end of July, published by the Office des Changes, confirm the trend of recent months, marked by a heavy impact of the health crisis both internationally and at the national level (decrease in foreign and local demand, disruption of logistics chains, closure of Moroccan and foreign companies, etc.).
Exports were limited to 140 billion DH, down 17% or 28.6 billion compared to the same period last year.
The drop in imports was greater: -51 billion DH (-17.5%), reaching 240 billion.
Hence an improvement in Morocco’s trade deficit which fell by 22.3 billion DH to stand at 100 billion over the first 7 months of the year.
An improvement to be qualified because even if it means fewer outflows of currencies, it reflects a strong economic recession.
In imports, in fact, we find capital goods which reflect the country’s investment effort. The latter fell by 18.5% or 13.8 billion DH. There are also semi-finished products and raw products that we transform: the first fell by 16.6% or 10.3 billion, the second by 17.8% or 2.4 billion.
To these categories are added, of course, finished consumer products whose purchases plummeted by 24.8% or 16.4 billion, and energy products with -31.6% or -14.3 billion due to a double price/volume effect.
Only imports of food products (cereals, etc.) are up 23.2% or 6.6 billion.
In terms of exports, all sectors are affected, led by the automobile industry whose sales fell by 28.7% or 13 billion. Coming after textiles with -30% or -6.6 billion, aeronautics with -21% or -2 billion, agri-food and agriculture with -4.7% or -1.7 billion, and phosphates and derivatives with -4.2% or -1.3 billion.
As for the balance of services, travel receipts fell by 44% or 18.3 billion DH to stand at 23.2 billion. Travel spending also fell (-48% or -5.7 billion), but the travel balance surplus still fell by 42% or 12.6 billion.
Transfers from MREs recorded a drop limited to 3.2% or -1.2 billion DH, to reach 36.1 billion.
But on the foreign direct investment side, the net flow is down 21% or 2.5 billion DH, to 11.5 billion.
source:medias24
