Kiosk360. The Office des Changes reveals a trade balance deficit of 11.56 billion dirhams at the end of January 2022, i.e. a jump of 75.2% (+8.69 billion dirhams). This article is a press review of the daily newspaperAujourd’hui le Maroc.
Morocco’s trade deficit widened at the end of January 2022 by 11.56 billion dirhams, representing an increase of 75.2%, or 8.69 billion dirhams. According to the indicators of the Foreign Exchange Office, imports consolidated by 14.42 billion dirhams, +39.5% compared to the same period of the previous year, reaching 50.90 billion dirhams, as reported Morocco today in its March 3 edition.
The increase in imports affected all products. In detail, the Foreign Exchange Office indicates a 67% increase in the energy bill, i.e. an additional 3.17 billion dirhams compared to the same period of the previous year, or an increase of 2.46 billion dirhams of imports of food products, an increase of 56.3%.
This latest development is due to the increase of 1.7 billion dirhams in wheat purchases, their highest level in the last five years, attributable, on the one hand, to the increase in prices (3,238 dirhams per tonne at the end of January 2022), and, on the other hand, to the quantities going from 338 million tonnes at the end of January 2021 to 805 million tonnes at the end of January 2022, as the newspaper explains.
On the export side, they stand at 30.64 billion dirhams, + 23%, i.e. an additional 5.79 billion dirhams year-on-year. All sectors recorded good performances, in particular the phosphates and derivatives sector, whose sales rose from 3.48 at the end of January 2021 to 7.79 billion dirhams at the end of January 2022 due to the increase in sales. natural and chemical fertilizers (+3.12 billion dirhams) due to the price effect (7,163 DH/T at the end of January 2022 once morest only 2,882 DH/T at the end of January 2021).
Other increases in sales: + 8.4% for the agriculture and agri-food sector standing at 7.65 billion dirhams and + 20% for the textile and leather sector. The automotive sector was in decline at the end of January 2022 (-11.5%), losing 911 million dirhams.
