Moroccan imports of petroleum products, wheat and ammonia contributed to the worsening of Morocco’s trade deficit by around 57.2% at the end of last February. According to the monthly foreign exchange indicators published by the Foreign Exchange Office, Morocco’s imports during the months of January and February reached around 102.1 billion dirhams, once morest 74 billion dirhams in the same period last year. an increase of almost 37%.
For their part, exports have experienced remarkable growth, reaching around 62.4 billion dirhams in the first two months of the year, compared to 48.9 billion dirhams in February 2021, i.e. a growth of 27.7%. .
Under the effect of the evolution of imports and exports, Morocco’s trade deficit widened by 57.2% at the end of February to reach 39.6 billion dirhams, which resulted in a drop in the coverage rate of imports by exports at 61.2% once morest 66%. one year earlier.
Morocco’s energy bill amounted to around 15.8 billion dirhams, compared to 8.7 billion dirhams in February 2021, with a growth of 81.6% and an increase of around 7.1 billion dirhams, due to the notable increase mainly in diesel and motor fuel, taking into account the increase of 64%. in prices. 2%, while the price rose to around 6,798 dirhams per ton, once morest 4,141 dirhams per ton a year ago.
As for the volume of energy imports, it increased by 16.1% to reach 1,062 million tons at the end of February 2022, once morest 915 million tons in the same month last year.
Food imports also saw a remarkable increase of 44.8 percent. This growth is mainly due to a 96.8% increase in wheat purchases, from 2 billion dirhams to 4.1 billion dirhams, the highest level recorded in the last five years.
This increase is due to the simultaneous rise in prices of 41.4%, the price of a ton of wheat having reached 3,342 dirhams per ton at the end of February 2022, once morest 2,754 dirhams per ton at the end of February 2021. The quantity imported also recorded a significant increase, reaching 1,227 million tonnes compared to 757 million tonnes a year ago.
In total, the value of food imports amounted to around 12.9 billion dirhams, compared to 8.9 billion dirhams at the end of February last year, an increase of 44.8%.
As for imports of semi-finished products, they increased by 51.7% due to the increase in ammonia purchases which more than quadrupled, from 693 million dirhams to 2.92 billion dirhams.
Ammonia is used in the production of types of fertilizers by the Sheriff’s Office for Phosphates, and it is imported from overseas.
In terms of exports, phosphates and their derivatives increased by 95.8%, the value in two months amounting to around 14.2 billion dirhams, once morest 7.2 billion dirhams last year.
Agricultural and agro-food exports amounted to around 15.4 billion dirhams, up 13.8%.
Sales in the aeronautics sector achieved the second highest performance in terms of exports following phosphates, reaching 3.47 billion dirhams at the end of February 2022, an increase of 52.9% compared to February 2021, a higher level to what has been achieved during the period between 2018 and 2021.
Exports of the textile and leather sector also increased for the first two months by 26.1%, thanks to the evolution of ready-to-wear sales by 30%, and those related to shoes by 18.3%, which allowed the sector to register its highest level during the same period of years. last five.
As for the automotive sector, it recorded, according to data from the exchange office, 15.3 billion dirhams, once morest 14.7 billion dirhams a year ago, which represents a slight increase of regarding 3, 9%.
According to official data, net inflows of foreign direct investment amounted to more than 2,061 billion dirhams at the end of February, an increase of 32.1% compared to the same period in 2021. While investments Direct Moroccans abroad amounted to 3.28 billion dirhams, in the first two months from 2022, an increase of around 24.1% compared to the same period last year.
With regard to remittances from the Moroccan community abroad, they reached 13.1 billion dirhams, a slight decrease of 1.8% compared to February 2021, but they remain higher compared to the years 2018 , 2019 and 2020.
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