Morocco’s trade deficit increased by 56.5% to reach 311 billion dirhams ($30.6 billion) in 2022, mainly supported by rising energy costs.
On Thursday, data from Morocco’s Foreign Exchange Office showed in a monthly report that imports were up 40% from a year earlier. And this, to reach 737 billion dirhams (72.8 billion dollars). While Morocco’s exports increased by 30%, reaching 426 billion dirhams (42.1 billion dollars).
In addition, Morocco’s energy bill rose by 104% to 153 billion dirhams ($15.1 billion). While the cost of wheat imports is up 81% to 25 billion dirhams ($2.47 billion), after the worst drought in decades.
Meanwhile, Morocco, which has the largest phosphate reserves in the world, said exports of phosphate and its derivatives, including fertilizers, increased by 44%; and this, to reach 115.4 billion dirhams (11.4 billion dollars).
Likewise, the automobile sector leads industrial exports. Since he collected 111 billion dirhams (about 11 billion dollars). That’s an increase of 33%.
Revenue from tourism more than doubled to 91 billion dirhams ($9 billion). Thus indicating a strong recovery from the impact of the COVID-19 pandemic.
Finally, remittances from Moroccans working abroad, a major source of hard currency inflows into the country, reached a new record of 109 billion dirhams ($10.7 billion). That is an increase of 16.5%.
