Morocco’s Exchange Office reported on Thursday that the trade deficit rose to $17 billion during the first five months of this year, as a result of increased imports of energy and equipment.
The office explained in its monthly report that the volume of imports increased by 11.8% compared to last year to reach about $39.6 billion, exceeding exports, which amounted to $22.6 billion, an increase of 5.8%.
Energy imports also rose by 20% to about $5.9 billion, reflecting the impact of tensions in the Middle East on fuel prices.
Wheat imports rose by 8.6% to about $0.9 billion, prior to the government's decision to suspend imports during June and July to protect domestic production.
In contrast, the automotive sector, which includes factories belonging to Cetaltis and Renault, remained the most prominent export sector in Morocco with a value of $8.2 billion, registering growth of 16%.
Exports of phosphates and their derivatives, including fertilizers, fell by 11.2% to $3.5 billion, despite Morocco possessing the world's largest reserves of this mineral. Last month, the OCP Group announced its intention to resume full production after a 30% reduction due to supply chain disruptions linked to tensions in the Middle East.
On the side of foreign remittances, remittances from Moroccans living abroad increased significantly by 808% to reach $5.4 billion, and tourism revenues increased by 14.3% to reach approximately $5.8 billion.
Foreign direct investment also recorded a 20% increase, reaching $3.2 billion.
