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For several months, the dynamics of the increase in Moroccan exports has been stronger than that of imports, without the former being able to catch up with the latter. That said, the gap is even narrowing slightly, allowing the trade deficit to be reduced.
Imports of goods reached 308.8 billion dirhams at the end of May 2024 compared to 301.9 billion dirhams a year earlier. An increase of 2.3% or +6.86 billion dirhams.
Regarding exports, these increased by 4.4% or 8 billion dirhams to reach 191.7 billion dirhams against 183.7 billion dirhams at the end of May 2023.
As a result, the trade deficit fell by 1% (-117 billion dirhams at the end of May 2024 compared to -118.2 billion dirhams a year earlier).
Exports: automobiles, phosphates and aeronautics, on the rise
In detail, three important export sectors recorded increases, while for others, there were decreases:
>> Automobile: double-digit increase
The sector posted an export turnover of 67.5 billion dirhams, recording an increase of 12% or 7.3 billion dirhams. This is due to the increase in sales in the construction segment (+3 billion dirhams), the wiring segment (+2.35 billion dirhams) and the vehicle interior and seats segment (+709 billion dirhams).
>>Phosphates and derivatives: an encouraging recovery
Sales in the sector reached 32 billion dirhams compared to 30.3 billion dirhams a year earlier. This represents an increase of 5.3% or 1.6 billion dirhams. This development is mainly due to the increase in sales of natural and chemical fertilizers (+1.6 billion dirhams) and phosphates (+627 billion dirhams). This increase is mitigated by the decrease in sales of phosphoric acid (-631 billion dirhams).
>> Aeronautics: 27% increase in assembly turnover
Over the first 5 months of the year, sales in the sector amounted to more than 10.6 billion dirhams, an increase of 17.6% or +1.6 billion dirhams following the increase in sales in the Assembly segment of +1.5 billion dirhams, +27.8%, combined with a slight increase in exports in the EWIS segment of +80 million dirhams.
>> Agriculture and agri-food: slight decrease
Sales in the sector fell by 0.7% or -313MDH. This is explained by the drop in exports from the food industry (-406 MDH) and agriculture, forestry, hunting (-32 MDH). This decline is attenuated by the increase in sales in the tobacco industry (+124 MDH).
>> Electronics and electricity: Nearly 500 MDH less compared to 2023
This sector shows a decrease of 6.7% or -492 MDH, due to the drop in sales of electronic components (-757 MDH). This decrease is offset by the increase in exports of devices for cutting or connecting electrical circuits (+107 MDH).
>> Textiles and leather: 4% drop in sales
-4% or -830MDH, this decline in sales in the textile sector is mainly due to the drop in sales of ready-made clothing (-494MDH) and shoes (-183MDH).
Trade:
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Imports: 5% drop in energy bill
Increases and decreases are observed in the different sections of Moroccan imports:
>> Finished equipment products: More than 4.5 billion dirhams compared to 2023
At the end of May 2024, imports of finished equipment products increased by 6.8% or +4.5 billion dirhams to reach 71.8 billion dirhams. An increase dependent on the increase in purchases of utility vehicles (+51.4% or +1.5 billion dirhams), devices for cutting or connecting electrical circuits (+18.7% or +1 billion dirhams) and piston engines (+9.4% or +633 million dirhams).
>> Semi-finished products: 1.5 billion dirhams more for iron or steel purchases
This item increased by 6.5% or +4.1 billion dirhams to 66.8 billion dirhams. This increase follows, essentially, the rise in purchases of semi-finished products in iron or non-alloyed steel (+1.5 billion dirhams) and wires, bars, and profiles in iron or non-alloyed steel (+698 million dirhams).
>> Finished consumer products: An increase of 5.2%
Foreign purchases of finished consumer products increased by 3.4 billion dirhams to reach 69 billion dirhams. An increase due to the increase in purchases of parts and pieces for passenger cars (+11.1% or +1.43 billion dirhams); medicines and other pharmaceutical products (+24.1% or +839 MDH) and fabrics and yarns of synthetic and artificial fibers (+9.1% or +505MDH).
>> Raw products: Drop in imports of soybean oil
Here, purchases fell by 8.5% or 1.3 billion dirhams to reach 13.7 billion dirhams against 15 billion dirhams. This is explained by the drop in imports of crude or refined soybean oil (-873 million dirhams) and scrap metal, waste and other minerals (-485 million dirhams).
>> Food products: Decrease equivalent to 1.3 billion dirhams
Small drop in the value of food product purchases of 3.3% or 1.3 billion dirhams which is explained by the drop in imports of wheat (-1.6 billion dirhams) and oilcakes (-1.4 billion dirhams), mitigated by the increase in barley purchases (+797 million dirhams).
>> Energy bill: Less than 2.7 billion dirhams compared to last year
48.9 billion dirhams at the end of May 2024 compared to 51.6 billion dirhams at the same period in 2023. This represents a decrease of 5.2% or 2.7 billion dirhams. This change is attributable to the drop in supplies of oil gas and other hydrocarbons by -26.2% due to the effect of a price decline of -25.4% combined with a slight drop in imported quantities of -1%.
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