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Morocco's trade balance improved in 2023, with the deficit dropping by 7.3%

Tuesday, 06 February 2024 19:10
Morocco's trade balance improved in 2023, with the deficit dropping by 7.3%

(Ecofin Agency) - Morocco witnessed a 0.2% surge in total exports during 2023, partly driven by the energy and automotive sectors, as reported by the Office of Foreign Exchange. Concurrently, the country's trade deficit narrowed by 7.3% over the period.

The trade balance, standing at MAD 286.3 billion ($28.3 billion), marked a decrease from MAD 308.8 billion in 2022. This shift is primarily attributed to a 2.9% reduction in imports, while exports experienced a slight increase of 0.2%, reaching MAD 429.31 billion.

The Office of Foreign Exchange cited a 28% decline in raw product imports, particularly raw sulfur, and energy products like gas oil to explain the decline in overall imports. However, purchases of food products increased by 3.3%.

Exports growth, on the other hand, was notably driven by the electronics and electricity sectors, with increases of 28.4% and 27.4%, respectively, along with stability in the agriculture and agri-food sectors. However, phosphate and derivative sales witnessed a decline of 34.1% during the period.

It's noteworthy that Morocco's economic growth is projected to reach 3.3% in Q4 2023, compared to 2.8% in Q3 2023, according to the High Commission for Planning. This growth is attributed to the resilience of secondary sectors in the face of unfavorable international conditions and the ongoing improvement in services.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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