In Morocco, the trade deficit worsened by 10.1% in the first eight months of 2018 to stand at MAD137.9 billion ($14.7 billion), according to figures published by the country's foreign exchange bureau.

This is due to an increase in imports (MAD29.2 billion) while exports stood at MAD16.5 billion.

During the period under review, imports rose by 10.2% due to increase in the imports of energy products (+18.8%), capital goods (+12.5%) and finished products (+6.6%).

Exports also rose by 10.2% due notably to the increase in exports of automotive products (+17.7%), phosphates and by-products (+17.6%) and agriculture products (+4.6%).

The trade deficit strongly impacted Morocco’s reserves that registered a drop of 3.6% to stand at MAD225.8 billion on September 7, 2018, according to figures released by the central bank.