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Join on Telegram Rabat – Morocco’s export sectors continue to thrive, recording a significant growth in trade and services.
Morocco’s trade exports reached MAD 373.54 billion ($37.4 billion) at the end of October. This is an increase of up to 6.2% against MAD 351.66 billion ($35.21 billion) a year earlier, according to a report from the country’s Exchange Office.
This growth is primarily driven by an increase of imports in the automotive sectors, as well as phosphates and derivatives, aerospace, agriculture and food, and electronics and electricity.
In numbers, aeronautical exports experienced a 17.3% growth rate, phosphates and derivatives 12.5%, and automotive exports a 8% increase.
In terms of goods imports, there is a reported 5.8% increase valuing at MAD 623.37 billion ($62.42 billion). The goods include finished equipment products and consumer products, semi-finished products, and food products.
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Echoing the positive trend in trade exports, the country’s exports of services recorded an improvement of 7.3%, with the surplus on the services account dropping by 1.2% to MAD 111.26 billion ($11.14 billion).
The report stated a 61.6% improvement in the net flow of foreign direct investment (FDI), reaching almost MAD 19.5 billion ($1.95 billion).
Similarly travel revenues witnessed an increase of 9.3%, reaching around MAD 96.92 billion ($9.7 billion), and a travel expenditure rise by 20%, reaching MAD 24.68 ($2.47 billion).
Morocco’s trade deficit rose by 5.2%, representing MAD 249.83 billion ($25.01 billion) compared to the same period last year.
Remittances sent by Moroccans residing abroad reached MAD 100.290 billion ($10 billion) at the end of this past October.
Despite the increased deficit, the North African country’s export sectors are geared up for even stronger success in the coming years.
