The trade deficit deteriorated by 38.8 billion dirhams in 2021

Morocco’s trade deficit stood at 198.6 billion dirhams (MMDH) in 2021 against 159.8 billion dirhams a year earlier, according to the Office des Changes.

“The trade balance deteriorates by 38.8 billion dirhams, after the improvement of 46.7 billion dirhams recorded in 2020. The trade deficit stands at 198.6 billion dirhams in 2021, against 159.8 billion dirhams a year earlier”indicates the Office in its annual report on Morocco’s foreign trade for the 2021 financial year.

After the decline in 2020 of Morocco’s commercial transactions with the rest of the world, these are rising again to reach 856.3 billion dirhams in 2021 against 686 billion dirhams in 2020 and 775.4 billion dirhams in 2019, thus exceeding their level of before the Covid-19 crisis.

These commercial transactions increased by 24.8% compared to 2020 and by 10.4% compared to 2019, specifies the Office, noting that this growth is jointly driven by imports and exports.

With regard to imports, they increased by 24.7% in 2021 compared to 2020 to stand at 527.4 billion dirhams. Exports, meanwhile, increased to a lesser extent, by 25%. As for the rate of coverage of imports by exports, this remains relatively stable at 62.3% in 2021.

The said report also shows that the import penetration rate measured by the ratio between imports and internal demand (GDP + imports-exports) stood at 37.9% in 2021, achieving a gain of 3.6 points. .

The export effort, measured by the ratio between exports and GDP, increased by 3.1 points, from 24.5% in 2020 to 27.6% in 2021. The dependency ratio which represents the average of imports and exports, relative to GDP, increased by 3.9 points to 35.9%.

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