Morocco face substantial energy bill increases

Afaf Fahchouch
Afaf Fahchouch
1 Min Read

The exchange office revealed that Morocco’s trade deficit widened 53.3%, to 234.4 billion dirhams, in the first nine months of the current year, due to rising wheat and energy imports.

The office stated in its monthly report, that imports increased by 43.8 percent from the previous year to 552.3 billion dirhams, while exports increased by 37.4 percent to 317.9 billion dirhams.

The energy bill was the highest, where increased by 121%, to 114 billion dirhams, while the cost of wheat imports rose to 20.3 billion dirhams.

Exports of minerals and their derivatives increased by 66.6 percent, and fertilizers to 91.8 billion dirhams.

The automotive sector led the industrial exports, with an increase of 35 percent to 77.8 billion dirhams, and tourism revenue increased by 149 percent to 62.2 billion dirhams, After the sector recovered from the repercussions of the Covid-19 pandemic.

On the other side, the Moroccan diaspora remittances which is a major source of hard currency in the country, increased by 11.6 percent to 80 billion dirhams, while foreign direct investments rose by 36 percent to 29.5 billion dirhams.

Afaf Al Fahchouch

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