Morocco’s international trade performance was “mixed” in the third quarter of 2024 as the import unit value index dropped by 1.6% in Q3 while the export unit value index increased slightly by 0.5% over Q3 2023, according to Morocco’s Statistics and Forecasts Office (HCP) latest note.
The decline in the import index was largely driven by a significant 13.1% reduction in the unit values of “energy and lubricants,” reflecting fluctuations in global energy prices. Other contributing factors included a 4.0% decrease in “finished industrial equipment products,” a 4.5% drop in “food, beverages, and tobacco,” and a 7.3% fall in “raw products of animal and plant origin.”
Gains in several categories mitigated the overall decline. The unit values of “semi-finished products” increased by 7.4%, “finished consumer goods” by 3.3%, “raw products of mineral origin” by 0.8%, and “finished agricultural equipment products” by 2.3%.
As for exports, a 0.5% rise in the unit value index stemmed primarily from a 7.2% increase in “semi-finished products” and a 3.3% growth in “energy and lubricants,” reflecting strong demand in these sectors.
However, declines in key categories tempered the overall growth as “food, beverages, and tobacco” dropped by 4.8%, “raw products of mineral origin” fell steeply by 12.5%, and “finished industrial equipment products” decreased by 2.2%. Other declines included a 0.5% reduction in “finished consumer goods,” an 11.2% drop in “raw products of animal and plant origin,” and an 11.0% fall in “finished agricultural equipment products.”
This mixed performance in Morocco’s trade indices illustrates the complexities of global market dynamics. While the import index reflected challenges such as energy price volatility and shifting industrial demand, the export index’s slight growth highlighted resilience in certain sectors, particularly semi-finished goods and energy products.