Moroccan trade balance deficit widened by 34% in 2004
Morocco, Economics, 6/23/2005

The Moroccan trade balance deficit widened by 34% in 2004, reaching MAD 70 billion (around USD 7.77 billion) compared to MAD 52.18 billion (around USD 5.79 billion) the previous year, said the "Office des Changes," currency exchange department.

The office, which added that the deficit amounted to 15.9% of the GDP compared to 12.5% in 2003, said imports cost a total of MAD 156.3 billion (about USD 17.3 billion) in 2004 recording a 14.9% increase to 2003, while exports earned MAD 86.36 billion (around USD 9.59 billion) increasing by three pc.

The import-export reserve ratio stood at 55.3%, losing 6.4 points compared to the 61.7% of 2003.

The import rise impacted all import products, particularly energy, semi-finished products and equipments goods, the office said, adding the fuel bill increased 23% costing MAD 26 billion (around USD 2.8 billion), compared to MAD 21 billion (around USD 2.33 billion) the previous year.

Semi-finished products soaked MAD 36.26 billion (around USD 4.02 billion) increasing 17.7% compared to 2003 when they cost MAD 30.81 billion (around USD 3.42 billion), while equipment goods bill stood at MAD 34.41 billion (around USD 3.82 billion) a 14.8 rise to the MAD 30 billion (around 3.33 USD billion) of 2003.

The export increase mainly concerned semi-finished products that rose 19.7% earning MAD 23.42 billion (around USD 2.60 billion), crude and raw material sold MAD 8.88 billion (around USD 986 million) increasing 27.2%.

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