- Despite Morocco’s overall exports recording a 27.7% rise at the end of February 2022, at $6.4 billion, the country’s trade deficit continued to surge by a 57.2% annual rate. The surge is attributed to the mounting energy and grain prices upsetting Morocco’s trade balance.
Despite Morocco’s overall exports recording a 27.7% rise at the end of February 2022, at $6.4 billion, the country’s trade deficit continued to surge by a 57.2% annual rate. The surge is attributed to the mounting energy and grain prices upsetting Morocco’s trade balance.
Morocco’s phosphate exports registered the fastest growth of 95.8%. The swelling global prices of fertilisers contributed to the growth. The other sectors which registered significant growth included aeronautic sector (52.9%) agriculture (13.8%) and automotive sector( 3.9%).
The Import bill of Morocco rose sharply. In particular, the energy bill rose by 81.6% year on year, though the actual volume of energy imports grew by 16.1% only.at the same time, Wheat prices have also continued to break records, registering an annual rate of 96.8%, growing from MAD 2 billion ($205.8 million) at the end of February 2021 to MAD 4.1 billion ($422 billion) in February 2022.
Read Also;
https://trendsnafrica.com/us-itc-urged-to-suspend-import-tariffs-on-fertilizers-from-morocco/
https://trendsnafrica.com/ocp-morocco-braces-up-to-tap-the-rising-global-demand-for-fertilizers/
