The trade deficit at 116.8 billion dirhams at the end of May 2022

Morocco’s trade deficit stood at nearly 116.8 billion dirhams (MMDH) at the end of May 2022, up 36.9% compared to the same period a year earlier, according to the Office des Changes.

For the first five months of 2022, imports increased by 39.2% to more than 82.55 billion dirhams, and exports rose by 40.7% to 51.06 billion dirhams, explains the Office of exchanges in its recent bulletin on the monthly indicators of foreign trade, stressing that the coverage rate was 60.2%.

The increase in imports of goods concerns almost all product groups, observes the Office, noting that the energy bill more than doubled to 54.64 billion dirhams at the end of May 2022. This development mainly follows the increase in gas oil and fuel oil supplies (+14.02 billion dirhams) due to the rise in prices which have almost doubled (9,110 dirhams/t against 4,597 dirhams/t). At the same time, the quantities imported recorded an increase of 8.6%.

On their part, imports of semi-finished products increased by 53.9%, following the strong growth in purchases of ammonia. Imports of raw products increased by 76%, mainly due to the increase in purchases of raw and unrefined sulphur, which almost tripled (+5.421 billion dirhams).

As for imports of food products, they rose by 31.8%, mainly due to the significant increase in barley purchases (2.99 billion dirhams). Wheat supplies increased by 14.8%.

With regard to exports, their increase concerns all the sectors, essentially, phosphates and derivatives, the automobile sector and that of agriculture and agri-food.

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