Morocco's annual trade deficit narrowed by 7.3% to 286 billion dirhams ($28.6 billion) in 2023, the foreign exchange regulator said in a monthly report, due to lower energy imports and increased tourism receipts.
According to regulators, imports decreased by 2.5% from the previous year to 715 billion dirhams, while exports increased by 0.2% to 429 billion dirhams, with remittances from Moroccans abroad and exports from the automobile industry also helping to improve the trade deficit. He added that he contributed.
Morocco's energy imports fell by 20.4% to AED 122 billion, due to a decline in both demand and prices on the international market.
Imports of wheat fell by 25.3% to Dh19.3 billion, while imports of ammonia, a key ingredient in fertilizer production, fell by 58% to Dh8.8 billion.
Morocco, which boasts the world's largest phosphate reserves, reported a 34% drop in exports of phosphate minerals and their derivatives, including fertilizers, to Dh76 billion.
Morocco, home to Stellantis and Renault production plants, reported that exports from the automotive sector rose by more than 27% to a record high of 141 billion dirhams.
Tourism receipts also hit a new peak, with the number of visitors to the country increasing by 11.7% to Dh104 billion from a record 14.5 million last year.
Remittances from Moroccans abroad, which are the key to foreign exchange flowing into Morocco, reached a record high of 115 billion dirhams, an increase of 4% compared to 2022.
(Reporting by Ahmed Erjektimi; Editing by David Goodman)
