Morocco’s yearly trade deficit fell 7.3% to 286 billion MAD in 2023, by virtue of lower energy imports and more tourism earnings, according to a monthly report from the foreign currency regulator, per U.S. News on Sunday in a recap article.
Imports declined 2.5% from the previous year to 715 billion MAD dirhams, while exports climbed by 0.2% to 429 billion MAD, according to the regulator, with remittances from Moroccans abroad and automotive industry exports also contributing to the improvement in the trade imbalance.
Morocco’s energy imports fell 20.4% to 122 billion MAD, as worldwide demand and prices fell, while wheat imports were 19.3 billion MAD, a 25.3% decrease.
Morocco, which possesses the world’s largest phosphate deposits, recorded a 34% drop in exports of the mineral and its derivatives–including fertilizer–to 76 billion MAD, and ammoniac imports, which are critical for fertilizer manufacturing, decreased by 58% to 8.8 billion MAD.
Morocco, home to Stellantis and Renault production plants, recorded an increase of more than 27% in automotive industry exports, to a record 141 billion MAD.
Tourism income also reached new highs, up 11.7% to 104 billion MAD, from a record 14.5 million visits to the Kingdom last year.