Business news feedMorocco trade deficit rises 19.6 pct in 2016

Thu,23Nov2017

Posted on Monday, 16 January 2017 13:24

Morocco trade deficit rises 19.6 pct in 2016

January 16, 2017, 3:24 pm

RABAT (Reuters) - Morocco's trade deficit rose 19.6 percent to 184.38 billion dirhams ($18.37 billion) in 2016 compared with a year ago, the foreign exchange regulator said on Monday, citing increased imports. Equipment imports rose 27.5 percent to 119.33 billion dirhams, while auto imports were 29.5 percent higher at 14 billion dirhams, the data showed. Wheat imports also jumped as bad weather hurt the local harvest last year, rising 49.4 percent from a year earlier to 12.78 billion dirhams at the end of December. The energy import bill fell 17.7 percent to 54.5 billion dirhams compared with 2015, thanks to lower prices in the international market. Morocco is the biggest energy importer in the North Africa region. Total exports rose 2.1 percent from a year earlier to 222.62 billion dirhams, led by a 11.5 percent rise in auto exports to 54.44 billion dirhams. Phosphate sales fell 12.1 percent to 38.94 billion dirhams as prices fell in the international market. Tourism receipts rose by 3.5 percent, while remittances from the 4.5 million Moroccans living abroad were 3.4 percent up to 62.2 billion dirhams. Foreign direct investment fell 17.5 percent to 32.95 billion dirhams.(Reporting By Aziz El Yaakoubi, Editing by Angus MacSwan)



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