(ANSAmed) – RABAT, MARCH 20 – Morocco’s trade deficit continues to deepen. According to the most recent figures supplied by the Trade Office, the country’s trade balance saw a 27.6% decline in one year, to -32 billion dirham (almost 3 billion euros) in February 2012, against -25.7 billion dirham in the previous year.
The drop was reportedly mainly caused by energy costs, which rose by 28.5% to 15.48 billion dirham (around 1.4 billion euros). Overall, by the end of February 2012 Morocco’s foreign trade reached 87.68 billion dirham (around 8 billion euros), against 78.17 billion dirham in February 2011. Its trade deficit deepened due to an increase in imports from 52.94 to 60.23 billion dirham, while exports increased from 26.21 to 27.45 billion dirham, mainly thanks to a 29% rise in exports of phosphate and derived products. Exports in the textile sector were disappointing (4.32 against 4.3 billion dirham in the previous year), as well as food (citrus fruit -30%, fresh vegetables -48.5%, canned vegetables -6.6%, fresh tomatoes -31.4%) and electronic components (-18.4%). The results in fisheries were more encouraging: exports of shellfish and crustaceans increased by 71.8% to 1.23 billion dirham (over 100 million euros), canned fish exports climbed by 20.9% and fresh fish by 36.1%. (ANSAmed)
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