Reuters
Reporting by Ahmed Eljechtimi
Employees work on a vehicle at the assembly line of Dacia Sandero cars at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Morocco’s trade deficit widened by 4.3% to 122.8 billion dirhams ($12.7 billion) in the first seven months of 2019 compared with the same period last year, the country’s foreign exchange regulator said on Wednesday.
Imports rose 3.7% to 291.1 billion dirhams, outstripping exports of 168.2 billion dirhams, which were 3.3% higher. Energy imports, including gas and oil, dropped 2.1% to 45 billion dirhams, or 15.5% of the total.
The automotive sector accounted for 26.3% of exports at 44.3 billion dirhams, up 2%, the regulator said in a monthly report. The North African country is home to production plants of French carmakers Renault and Peugeot, as well as a number of car part suppliers.
The regulator also said exports of phosphates and byproducts including fertilisers climbed 3% to 30 billion dirhams.
Remittances from Moroccans living abroad, key to Morocco’s hard currency flow, dropped 1% to 37.3 billion dirhams, while foreign direct investment fell 17.3% to 10.5 billion dirhams, the regulator said.
Reporting by Ahmed Eljechtimi; Editing by Catherine Evans
