Morocco's trade balance deficit worsens by 36% during january-july period

Morocco's trade balance deficit amounted during the first seven months of year 2000 to some $2.51 billion compared to $1.84 billion during the same period in 1999 worsening by 36 %, according to the exchange office. $2.51 billion

The deficit is attributed to a 14.0 % increase of imports, which amounted to $ 6.97 billion, at a time exports progressed only by 4.4 % amounting to $ 4.46 billion.

The coverage rate of imports by exports thus stood by the end of July of the current year at 64.0 % instead of 69.8 % at the end of July 1999.

Morocco's oil bill increased by $440 million or 96.6 % to stand at $ 1.17 billion during these seven months.

Imports of other products other than oil increased by $414 million. Imports of food products, consumption goods and semi-finished products increased respectively by 17.6 %, 16% and 3.8 %.

Exports of semi-finished products increased by 21.0 %, consumption goods by 5.6 % and crude products of animal and vegetal origin by 2.6 %, while food products exports decreased by 6.4 %, and exports of mineral products dropped by 11.5 %.

The exports of the phosphates corporation (OCP) dropped by 7.4 % to stand at nearly $713 million compared to $770 million during the same period last year. The OCP exports formed 16 % of the country's overall exports.

Agri-food products and agricultural products exports have also dropped while the sales of the sector of textile and leather have practically stagnated.