The increase in automotive exports is driven by the construction segment (+48.4%), wiring (+51%) and vehicle interiors and seats (+26.6%).
Trade
Morocco’s purchases were consolidated in the first month of the year by 3.21 billion dirhams, thus reaching 54.4 billion dirhams at a time when exports stood at around 32.63 billion dirhams, an improvement of 1.13 billion dirhams.
Sharp worsening of the trade deficit in the first month of the year. It was indeed accentuated by 10.6%, ie a widening of 21.77 billion dirhams at the end of January once morest 19.69 billion dirhams observed in the same period of the previous year. This discrepancy, noted by the Foreign Exchange Office in its publication on the monthly indicators of foreign trade, brings the coverage rate down to 60% once morest 61% a year earlier. This results from the differentiated evolution between imports and exports.
A very high energy bill
Indeed, Morocco’s purchases were consolidated in the first month of the year by 3.21 billion dirhams, thus reaching 54.4 billion dirhams once morest 51.18 billion dirhams a year earlier (+6.3% ). The increase in imports affected the majority of product groups. The Foreign Exchange Office notes in this sense a 30% increase in the energy bill, thus settling at around 10.48 billion dirhams once morest 8 billion dirhams at the end of January 2022. “This development is dependent on the increase in supplies of all energy products, namely those in diesel and fuel oil (+684 MDH) due to the increase in prices of 35.5% (8,962 DH/T at the end of January 2023 once morest 6,613 DH/ T a year ago). On the other hand, the quantities imported fell by 13.1%”, can be noted from the Foreign Exchange Office. There was also a 16.8% increase in imports of capital goods following the 74.6% growth in purchases of piston engines. Imports of food products for their part recovered by 4.2%, going from 6.87 billion dirhams to 7.16 billion dirhams at the end of January 2023.
10 billion dirhams of automotive exports
As for exports, they improved by 1.13 billion dirhams at the end of January, standing at 32.63 billion dirhams, an increase of 3.6%. “This increase concerns the majority of sectors, mainly the automotive sector, that of electronics and electricity and that of textiles and leather”, explains in this sense the Foreign Exchange Office.
At the end of January 2023, exports from the automotive sector showed an increase of 44.8%, thus reaching 10 billion dirhams while they were around 6.91 billion dirhams. “This development follows the increase in sales of the main segments of the sector, namely the construction segment (+48.4% or +1,273 MDH), that of cabling (+51% or +1,190 MDH) and that of vehicle interiors and seats (+26.6% or +159 MDH)”, we learn from the Foreign Exchange Office. At the same time, exports in the electronics and electrical sector posted a 39.2% increase, driven by a 73.4% increase in sales of electronic components and 28.2% in those of wires and cables. For their part, sales of textiles and leather recorded an increase of 14.1%. This development is attributable to the increase in exports of the main segments of this sector, in particular ready-made clothing (+19.3%) and footwear (+26.7%). At the same time, exports of knitwear articles remained almost stable at the end of January (+0.8%).
46.3% increase in MRE transfers
From another angle, travel receipts reached 8.24 billion dirhams at the end of January once morest 1.13 billion dirhams at the same period last year. Revenues which, according to the Foreign Exchange Office, exceed the level reached at the end of January 2020 (6.74 billion dirhams), namely the period which preceded the closure of the borders linked to the Covid pandemic. The Foreign Exchange Office notes an increase of 22.2% in this regard.
Travel expenses remain lower than the level recorded at the end of January 2019. They thus stand at around 1.54 billion dirhams once morest 1.57 billion dirhams in January 2019 and 1.83 billion dirhams in January 2020. regarding transfers of funds made by Moroccans residing abroad, they stand at 9.22 billion dirhams, up 46.3% compared to the same period of the previous year.
The flow of FDI has almost doubled
Foreign direct investment, for its part, rebounded in the first month of the year. Their net flow almost tripled, rising to 2.28 billion dirhams at the end of January once morest 637 million dirhams at the same period last year.
The revenue generated in this direction is increased by 65.9% thus arriving at 3.04 billion dirhams once morest 1.83 billion dirhams. Expenditure fell by 31.2%, thus losing 373 million dirhams in value. On the other hand, Moroccan direct investments abroad (IDME) saw their flow drop by 93.9% in the first month of the year. These investments amounted to 1.15 billion dirhams, down 25.2%, at a time when disposals amounted to around 1.13 billion dirhams, down 6.5%.
