Morocco's trade deficit worsens

Morocco's trade balance posted during the first five months of the current year a deficit of $ 1.84 billion (18.4 billion DH), worsening by 53.1 % compared to the same period last year, a release by the exchange office said.

The deficit is imputed to a 15.6 % increase in imports that reached $ 4.8 billion at a moment exports stagnated, reaching at the end of May $ 3.0 billion. The oil bill soaked 45.8 % of the overall amounts disbursed to finance imports as it amounted to $ 570 million up to the end of last May, i.e. $ 300 billion more than the oil bill during the first five months of 1999.

Imports of equipment goods dropped by 2.4 % and purchases of textile products, mainly synthetic and artificial fibers and wool fabrics decreased by 3.1 %.

The exports of sea products grew slightly from $270 million to $ 277 million with canned fish exports increasing by 16.4 % and fresh fish exports by 7.4 % while exports of shellfish dropped by 5.5.