RABAT (Reuters) – Morocco’s trade deficit surged 24.5 percent in the first half of the year compared with a year earlier on the back of higher oil and wheat import bills, according to official data released on Monday.
Tourism receipts over the same period rose 9.1 percent to 24.7 billion dirhams ($3.1 billion) and migrant remittances climbed 7 percent to 26.7 billion dirhams, data from the foreign exchange regulator, Office des Changes, showed .
Morocco’s currency is not fully convertible and the increase in tourism and remittances should help mitigate any destabilising impact on the banking system from a net outflow of foreign exchange caused by the surge in the trade deficit.
The trade deficit stood at 93.2 billion dirhams in the six months to end-June versus 74.9 billion dirhams a year earlier, the regulator said.
Official data shows that as a result of a surge in global commodity prices, Morocco’s foreign currency reserves barely cover the import needs for six months, the lowest level of coverage in several years.
The country of almost 33 million people has no oil or gas of its own and is one of the world’s top grain buyers.
Exports rose 18.6 percent during the first six months of 2011 from a year earlier to 83.9 billion dirhams. In the five months to the end of May exports increased 22.3 percent from a year ago.
Sales of phosphates and its by-products such as fertilisers rose 35 percent to 21.3 billion dirhams.
Imports rose 21.6 percent to 177.1 billion dirhams as average prices of crude oil and wheat rose respectively 31 and 65 percent compared with the January-June period of last year.
Morocco spent 15.15 billion dirhams on 2.41 million tonnes of crude and 7.1 billion dirhams to buy 2.32 million tonnes of wheat in the first six months of 2011.
The volume of crude oil purchases fell 3.3 percent from a year earlier while the volume of wheat imports rose 48 percent, the data showed. Most of Morocco’s oil comes from Saudi Arabia while its wheat imports come mainly from France.
Private foreign loans and investment stood at 10.6 billion dirhams by end-June, down 18 percent from a year earlier. (Reporting by Souhail Karam, Editing by Susan Fenton) ($1=8.024 dirhams)
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