Morocco registers 68.8 % increase in trade deficit in first quarter
Morocco, Economics, 5/14/2003

Morocco registered a 68.8 per cent increase in its trade deficit in the first quarter of 2003, following a 9,6 per cent drop of exports and a 9,3 per cent rise of imports, said Morocco's Exchange Office.

Exports reached nearly US$ 2.02 billion at the end of March compared to US$ 2.24 billion in the same period last year, that is a 9,6 per cent drop.

The downtrend resulted from a 10,6 per cent decrease of exports (phosphate and derived products excluded) that were valued at US$ 1.71 billion compared to US$ 1.91 billion in the same period last year.

In spite of a 3,6 per cent drop in the sales of phosphates and derived products, their share in exports has slightly improved as it was estimated at 15.5 per cent compared to 14.5 per cent at the end of March 2002.

Imports reached US$ 3.23 billion at the end of March 2003 compared to US$ 2.95 billion in the corresponding period of last year, i.e. a 9,3 per cent increase. Oil excluded, the total value of imports reached US $3.07 billion compared to US $2.95 billion in the same period of 2002, that's a 13,9 increase.

With US$ 162 million at the end of March 2003, crude oil purchases have registered a 37,8 per cent drop.

As to cash flows, remittances of Moroccan nationals abroad have posted a 15,7 per cent increase (US $856 million compared to US $740 million), whereas travel receipts dropped by 4,3 per cent, that is US $451 million at the end of the first quarter of 2002 compared to US $432 million at the same period this year.

Investment and foreign private loans receipts dropped by 16,3 per cent, that is US $106 million compared to US $127 at the end of March 2002.

Previous Stories:
  IMF praises Morocco's economic reforms   (5/12/2003)
  Italy donates 500.000 euro to Morocco's leather industry   (5/10/2003)
  Morocco in Brussels Seafood Fair   (5/9/2003)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search