Morocco's trade deficit up due to hike in imports
(4 months ago)
Rabat, March 21 : Morocco's trade deficit increased by 19.2 per cent in February compared with the year before, reaching USD 5.2 billion, according to data released by the foreign exchange regulator.
The data released on Tuesday said that the rise in the deficit was driven by a hike in imports by 12.5 per cent to nearly USD75 billion from USD66.5 billion in February 2017, according to exchange regulator statistics.
The hike was due to a 19.9-per cent increase in energy bills and 13.9-per cent rise in equipment imports.
Total exports rose by 8 per cent year on year, but stood at only USD42.7 billion, pushed by the rise of 15.5 per cent in car industry and 2.5 per cent in agriculture exports, the exchange regulator said.