Morocco experienced a 7.6% reduction in its trade deficit in November, amounting to 261.3 billion dirhams, compared to 282.8 billion dirhams in the same period the previous year. This improvement is primarily attributed to a decrease in the energy bill.
According to the Foreign Exchange Office data, imports totaled 653.8 billion dirhams, reflecting a 3.3% decrease, while exports amounted to 392.4 billion dirhams, nearly unchanged.
The Office’s report indicates that the import-to-export coverage ratio in November reached 60%, compared to 58.2% in the same period of the previous year.
Imports saw a decrease, thanks to a 21.4% reduction in purchases of energy products, stabilizing around 110.9 billion dirhams. Morocco’s acquisitions of equipment materials increased by 14.7%, reaching 146.9 billion dirhams in the first eleven months of this year.
The slight decline in exports is attributed to a 38% decrease in the sales of phosphates and derivatives. Conversely, the automotive sector saw a 30.2% increase in sales, reaching 130.6 billion dirhams. Exports of the electronics and electricity sector also rose by 27.3%, reaching 21.2 billion dirhams.
Foreign Exchange Office data reveals a sustained improvement in Morocco’s trade performance, as the country takes measures to enhance balance in foreign trade and boost exports amidst global economic challenges.