Rabat, 2 August 2022 (TDI): Due to the increase in global costs, Morocco’s commercial deficit rose by 48.7% to 150.5 billion dirhams ($14.6 billion) in the initial half of the fiscal year 2022, the Exchange Office of Morocco disclosed on Monday.
Exports rose 41.2 percent to 215 billion dirhams, whereas revenue grew 44.2 percent to 365.5 billion dirhams versus the previous year.
Morocco’s power expenditure increased by 124.7 percent to 71.4 billion dirhams, whilst the value of importing wheat increased by 55 percent to 13.3 billion dirhams due to the state’s direful crop and ongoing drought.
The highest phosphate stockpiles in the world are in Rabat, whose shipments of the commodity and its compounds, such as fertilizers, increased by 84.3 percent to 57.4 billion dirhams.
With 52.8 billion dirhams in manufacturing output, an increase of 30%, the automobile industry took the lead.
After being severely curtailed by the Covid-19 outbreak, tourism income grew to 27.3 billion dirhams.
Foreign direct investment soared by 44% to 21.5 billion dirhams. Meanwhile, payments from Moroccan overseas residents, which are pertinent to the state’s hard cash influx, jumped 6.1 percent to 47 billion dirhams.
The governor of Bank Al-Maghrib (BAM), the central bank of Morocco, Abdellatif Jouahri, has responded positively to the nation’s attempts to lessen the financial recession brought on by coronavirus as well as the implications of the Ukraine-Russia war.
He added, “Morocco succeeded in resisting the crisis and ensuring a smooth return to normality of economic and social activity.”
Nevertheless, he continued, the long-lasting ramifications of the crisis between Russia and Ukraine pose a risk of significantly reversing Morocco’s two-year economic progress.
The Moroccan economy’s mostly positive record has been obscured by the skyrocketing article costs, according to Jouahri, who also underlined that this had created a slow “deterioration of economic outlook and heightened uncertainty.”
Positive Prospect:
But, envisaging for later, if it works well on its crop production, Morocco’s economic recovery will be of help. However, the net downturn in quasi-activity brought on by the European turmoil should not be concealed.
Parallel to this, the dual imbalances are still quite substantial, even if they are diminishing due to the dip in global crude prices.
Due to a favorable debt composition and the prophylactic and credit lines provided by the IMF, fiscal concerns and the payment imbalance issue are currently under control.
The standardized budgetary consolidation program, however, continues to run past track.
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