(Ecofin Agency) - In 2018, Morocco’s trade deficit was 8.6%, the finance ministry revealed in the February 2019 note on the economic situation published last week. This represents a rise of 2.1% compared with the 6.5% deficit recorded in 2017. However, on a year-to-year basis, this rise (2.1%) is slightly below the 2.6% increase recorded between 2016 and 2017.
According to the note, this deficit is due to the 10.4% increase in exports against a 9.6% rise in imports.
As far as exports are concerned, the institution informs that they reached MAD274.7 billion (about $28.8 billion) due notably to auto, aeronautics, agroindustry and agribusiness, textile and leather as well as the phosphate and derivate sectors. These sectors contributed to 80% of the overall rise.
During the period under review, the bulk of the rise was carried by the energy sector (as usual for more than two financial years now) with the rise of the imports of energy products contributing to 30% of the overall rise of imports. Apart from energy products (18%), the country’s imports were boosted by capital goods (9.5%), food products (7.7%), consumer products (7.9%).
Let’s note that during the period under review, the import coverage ratio rose from 56.8% (in 2017) to 57.2%.