Morocco’s trade deficit decreased by 9.4% by the end of August 2023, according to the Exchange Office. The trade deficit amounted to over MAD 191.8 billion, indicating an improvement in the country’s trade balance. Imports decreased by 3.9% to MAD 471.86 billion, while exports increased by 0.2% to over MAD 280 billion.
The coverage rate increased to 59.3%, compared to 56.9% in the previous year, reflecting Morocco’s improved ability to export its products and reduce the trade deficit. There was a clear decline in imports of petroleum products, derivatives, and raw materials.
On the positive side, imports of capital goods and consumer-ready products increased. While exports of cars, electronics, electrical goods, textiles, and leather rose, exports of phosphate and its derivatives, as well as the aviation sector, declined during this period.
The Exchange Office notes a significant decline in imports of petroleum products and derivatives, as well as a decrease in imports of raw materials. On the positive side, imports of capital goods and consumer-ready products increased. While exports of cars, electronics, electrical goods, textiles, and leather rose, exports of phosphate and its derivatives, as well as the aviation sector, declined during this period.
These figures reflect the gradual improvement in Morocco’s trade situation and the country’s efforts to diversify its foreign trade. This improvement is expected to stimulate economic growth and increase economic opportunities in the future, representing a positive development for the Moroccan economy.