The trade deficit stands at more than 311.6 billion dirhams in 2022

Morocco’s trade deficit stood at more than 311.6 billion dirhams (MMDH) in 2022, up 56.5% compared to 2021, according to the Office des Changes.

Imports increased by 39.6% to 737.73 billion dirhams and exports improved by 29.4% to 426.1 billion dirhams, specifies the Office which has just published its monthly indicators of foreign trade for the year 2022 , noting that the coverage rate lost 4.5 points to 57.8%.

The increase in imports of goods follows the increase in purchases of all product groups.

Indeed, the energy bill has more than doubled, rising to 153.52 billion dirhams in 2022. This development is essentially dependent on the increase in purchases of diesel and fuel oils (+40.34 billion dirhams) carried by the rise in prices which have almost doubled (10,283DH/T once morest 5,195DH/T), and to a lesser extent by that of quantities (+7.2%).

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imports of semi-finished products increased by 46.4%, following the growth in purchases of ammonia (21.39 billion dirhams once morest 6.91 billion dirhams). Imports of food products, for their part, show an increase of 44.9%.

This development is attributable to the increase in wheat supplies, which almost doubled under the price effect, which rose by 40.8%. At the same time, the quantities imported increased by 28.7%.

Barley purchases also increased to 3.2 billion dirhams in 2022.

Imports of raw products increased by 49.9%. This development follows the increase in purchases of raw and unrefined sulfur (+8.03 billion dirhams).

At the end of 2022, exports of goods increased by 29.4% amounting to 426.1 billion dirhams once morest 329,405 million dirhams a year earlier.

This increase concerns exports from all sectors, at the head of which are phosphates and derivatives, the automobile sector and that of agriculture and agri-food.