Morocco's trade deficit reaches 48% end of February 2003

Morocco's Trade deficit increased to 47.9 percent by end of the two first months of 2003, after exports dropped by 9.4 percent and imports increased by 4.7 percent, the exchange office said.

Moroccan exports were estimated at 13.19 billion DHs (US$ 1.3 billion) by end of February 2003, in comparison to 14.57 billion Dhs (US $1.45 billion) during the same period last year, i.e. a 9.4 percent drop.

Apart from exports of phosphate and byproducts that progressed by 6.5 percent from 2.16 billion Dhs (US $0.216 billion) by end of the first two months of 2002 to 2.30 billion Dhs (US $0.23 billion) end of February this year, all other exports regressed by 12.2 percent to stand at 10.81 billion Dhs (US $1.08 billion) in 2003 against 12.40 billion Dhs (US $1.24 billion) during the same period last year.

The exchange office noted that food products exports also dropped by 33.6 percent, energy products by 75.1 percent, mineral raw products by 17.4 percent and industrial gold by 9.2 percent.

Exports of finished consumption products and animal and vegetable raw products remained stable whereas exports of equipment goods progressed by 41 percent and semi-finished products by 10.5 percent.

Imports were estimated at 20.22 billion Dhs (US $2.02 billion) by end of February 2003 against 19.32 billion Dhs at the same period last year, that is a 4.7 percent increase, said the same source.

The increase is due to a 10.2 percent rise in imports, oil excluded, from 17.49 billion Dhs (US $1.749 billion) in the first two months of 2002 to 19.28 billion Dhs (US $1.928 million) in the corresponding period of this year.