Moroccan exports buoyed by phosphates in 2004
Morocco, Economics, 2/5/2005
Moroccan exports of phosphates buoyed in 2004 the kingdom overall exports which increased by 2.1 percent compared to the previous year, says the Exchange Office, the authority in charge of supervising exchange rates and flows, which notes that, without phosphates, exports would have declined by 1.2 percent (pc), the "Office des Changes."
Exports earned the Kingdom 85.67 billion Dhs (8.5 billion euros), as compares to 83.89 billion Dhs in 2003, the office said adding the positive performance is ascribed to the increase of phosphates exports that earned 14.49 billion DHS, compared to 11.87 billion Dhs in 2003.
The rest of exports were worth 71.18 billion Dhs, compared to 72 billion Dhs in 2003. The share of phosphates and by-products in overall exports was 16.9 percent instead of 14.2 percent the previous year.
The source said the trade balance deficit was 33.5 percent with an increase of imports of 14.1 percent which went up an additional 19.24 billion Dhs totalling 155.31 billion Dhs.
The report said the deficit widened both because of the 14 billion Dhs increase in non oil products (totalling 140.77 billion Dhs) and oil purchases that rose by 5.31 billion Dhs with a total bill of 14.54 billion Dhs.
Foreign currency net assets of the Moroccan Central Bank stood at 134.6 billion Dhs at the end of December, which is 10 percent rise compared to 2003, the "Office des Changes" said.
The foreign currency reserves equal one year of commodity and goods importation.
Remittances of Moroccans abroad progressed 7.4 pc, going up from 34.5 billion Dhs in 2003 to 37.15 billion Dhs in 2004. As to foreign investment and private loans, they plummeted by 41.8 percent from 23.9 billion Dhs in 2003 to 13.9 billion Dhs in 2004.
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