Imports grew faster (11.6% to 113.63 billion DH) than exports (7.9% to 68.71 billion) at the end of February 2023. This worsened the trade deficit which increased by 17 .8%, amounting to nearly 45 billion million DH and lowers the coverage rate which stands at 60.5% against 62.5% a year earlier.
The trade deficit is accelerating. It has, in fact, increased by 17.8%, amounting to nearly 45 billion million DH at the end of February 2023, according to the latest figures published by theOffice des changes on the foreign trade. A rise due to the difference in the rate of change between the imports which increased by 11.6%, settling at 113.63 billion and the exports which increased by 7.9%, amounting to 68.71 billion. The coverage rate, meanwhile, stood at 60.5% against 62.5% a year earlier.
The energy bill increases by 29.6%
The double-digit growth in imports of goods concerns the majority of product groups. Thus, the energy bill increases by 29.6%. This development is the result of the increase in supplies of all energy products, in this case, those of diesel and fuel oil due to the price increase of 29.2% (8,940 DH/tonne at the end of February 2023 against 6,921 DH/tonne a year earlier). On the other hand, the quantities imported fell by 5.1%. Imports of capital goods rose by 16.7%, following the growth, among other things, of purchases of piston engines by 41.6%. Ditto for imports of finished consumer products, which increased by 11.9%. On the other hand, purchases of raw products fell back by 4.7% following the decline in purchases of raw and unrefined sulfur by 49.8%. Imports of semi-finished products also fell, but to a lesser extent (-3.2%). This decline is explained by the decrease in ammonia purchases of 30.6%.
Exports of phosphates and derivatives down 25.3%
The increase in exports of goods for the first two months of 2023 also concerns the majority of sectors, essentially the automotive sectorthat of electronics and electricity and that of textile et add. Sales in the automotive sector thus increased by 40.5%, exceeding 21.66 billion at the end of February 2023. This performance follows the increase in sales of all segments of the sector, namely the segment of construction (+44.7%), wiring (+43.8%) and vehicle interiors and seats (+20%). Exports in the electronics and electricity sector jumped by 36.4%, reaching 3.65 billion. This development is attributed mainly to the increase in sales of electronic components by 57.7% and those of wires and cables (+33.9%).
Sales of textiles and leather also held up well, posting an increase of 15.1% at the end of last February. This development is explained by the increase in exports from ready-made clothes (+18%), shoes (+20.6%), and to a lesser extent knitwear (+7.6%). On the other hand, exports of phosphates and derivatives fell by 25.3%, standing at 10.96 billion at the end of last February. This decrease is explained by the decline in sales of natural and chemical fertilizers (-22.3%), those of phosphoric acid (-37.8%) and those of phosphates (-17.5%). Regarding the balance of trade in services, it shows a surplus up by 13.51 billion, standing at +20.33 billion. This improvement follows an increase in exports (+88.3%) greater than that of imports (+31.4%).
FDI up 19.8% at the end of February
The recipes of Foreign direct investments (FDI) increased by 19.8% at the end of February 2023, amounting to 5.02 billion. For their part, expenses fell by 17.2%. Thus, the net flow of FDI amounted to 3.36 billion at the end of February 2023, an increase of 53.6%. For Moroccan Direct Investments Abroad (IDME), they stand at 3.24 billion, down 2%. For the disposals of these investments, they relate to an amount of 2.19 billion, down 11.6%. Thus, the net flow of IDMEs increased by 26.8%.
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