He added in a monthly report that Morocco’s imports rose 24.5% to 526.6 billion dirhams, and exports jumped 24.3% to 327 billion dirhams in 2021, compared to the previous year.
The trade deficit is partly attributed to a 51% increase in the cost of energy imports to 75.6 billion dirhams, and the automotive sector continues to lead Morocco’s industrial exports with 83.7 billion dirhams, an increase of 16%, and exports of phosphates and its derivatives, including fertilizers, increased 57% to 80 billion dirhams following market prices increased. Globalism.
Remittances from Moroccans living abroad, which are important for foreign currency inflows into the country, increased by 36.8% to reach a new record of 93.2 billion dirhams, compensating for a 6% drop in tourism revenues to 34.2 billion dirhams.
Foreign currency reserves amounted to 330 billion dirhams ($35 billion) by mid-January, enough to cover imports in 7 months, according to central bank data.
