Morocco's trade deficit widened by 25% in 8 months

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The Moroccan Exchange Office said, in its monthly report issued on Thursday, that the country's annual trade deficit expanded by 25.4% to $29 billion (282.6 billion dirhams) during the first eight months of the current year, indicating an increase in energy and sulfur imports.

Moroccan imports rose 15.8% year-on-year to $63.8 billion (617.5 billion dirhams), while exports rose 8.7% to $34.6 billion (334.8 billion dirhams).

Energy imports also rose 32.6% to $9.9 billion (96.3 billion dirhams), driven by higher diesel and fuel oil prices, according to Reuters.

Morocco's wheat imports decreased by 18.4% to $960 million (9.3 billion dirhams) after the local crop improved.

The Moroccan automobile industry, which includes the Stellantis and Renault factories, was the leading export sector, recording $11.9 billion (116 billion dirhams), an increase of 14.5%.

Morocco, which has the largest reserves of phosphate in the world, recorded a 6% decline in exports of this mineral and its derivatives, including fertilizers, to reach $6.3 billion (61 billion dirhams), and imports of sulfur, a major component of fertilizers, were close to tripling, recording $2.8 billion (27.2 billion dirhams).

Remittances from Moroccans residing abroad increased by 9% to $9.9 billion (89 billion dirhams), while tourism revenues rose 9.7% to $10 billion (97 billion dirhams), and foreign direct investments reached $4.8 billion (47.3 billion dirhams), an increase of 17%.