Morocco's trade deficit worsens in first half of 1999

Morocco's trade deficit increased by 25.9% during the first six months of 1999 due to higher imports, according to the public Exchange Office.

The office said Morocco's imports reached $ 5.27 billion (52.79 billion Dirhams), an increase of 9.3%, compared to the corresponding period in 1998. Exports only improved by 1.8% to reach $ 3.39 Billion (33.9 billion Dirhams). Only 64.2 % of imports were covered by exports, while the coverage rate stood at 68.9% in the corresponding period of 1998

The oil bill reached 313 million dollars, or an increase of 11.6 % and non-oil imports totalled 4.97 billion dollars, or an increase of 9.2 % as compared to the first six months of 1998.

Non-phosphates and by-products exports reached $ 2.73 billion ("1%) while exports of phosphates and by-products, valued at $ 0.6 billion, rose by 5%. Exports of phosphoric acid were estimated at $ 0.3 billion ("20.2%) while those of fertilizers and phosphates regressed respectively by 11% and 0.6%.