Morocco's Jan-Nov trade deficit expands by 6.5%

Morocco's annual trade deficit widened by 6.5% to $27.2 billion in the first 11 months of 2024, trade data shows. Morocco's annual trade deficit widened by 6.5% to 275 billion dirhams ($27.2 billion) in the first 11 months of this year, the foreign exchange regulator said on Tuesday. Imports were up 5.7% from a year earlier to 689 billion dirhams, outweighing exports at 413 billion dirhams, up 5.2%, the regulator said in a monthly report. Energy imports dropped 5.9% to 104 billion dirhams, while wheat imports fell 8.7% to 16.3 billion dirhams. Morocco's automotive industry, which includes Stellantis and Renault factories, was the leading export sector at 145 billion dirhams, up 6.7%. Phosphate reserves Morocco also has the world's largest phosphate reserves, and reported a 9.1% increase in exports of the mineral and its derivatives, including fertilisers, to 75.2 billion dirhams. Remittances from Moroccans abroad, key to its inflow of hard currency, grew 2.8% to 108 billion dirhams, while tourism revenue was up 7.2% to 104 billion dirhams. ➤ Click here to follow our WhatsApp channel for more stories.