The energy bill has doubled this year and has exacerbated the trade deficit

The Exchange Office reported that Morocco’s trade deficit increased by 48.7 percent at the end of June 2022 compared to the same period in 2021, to reach 150.49 billion dirhams. In its monthly forex indicators for the month of June, the bureau indicated that imports amounted to about Dh365.56 billion in the first half of 2022, compared to Dh253.57 billion at the end of June 2021, an increase of 44.2 per cent, in When exports increased by 41.2 per cent to reach 215.07 billion dirhams at the end of June 2022, compared with 152.35 billion dirhams a year ago.

The same source added that the coverage rate, for its part, lost 1.3 points (58.8 percent compared to 60.01 percent).

The bureau indicated that the increase in imports of goods is the majority of the product groups, noting that imports of semi-finished products registered an increase of 55.2 percent as a result of a strong growth in purchases of ammonia (10 AED 0.47 billion at the end of June 2022 compared to just AED 2.85 billion at the end of June 2021).

Thus, the energy bill more than doubled to reach 71,480 million dirhams at the end of June 2022. This increase occurs as a result of increased supplies of the main energy materials, especially gas and fuel oils (plus 19,130 ​​million of dirhams) as a result of the increase in prices, which more than doubled (9,614 dirhams/tonne compared to 4,719 dirhams/tonne). At the same time, imported quantities increased by 10.3 percent.

Regarding food imports, they showed an increase of 43.4 percent, mainly due to the 55.1 percent increase in purchases of wheat as a result of the 52.5 percent increase in prices.

At the same time, imported quantities registered a slight increase of 1.7 percent. Barley imports also saw a significant increase of 2,829 million dirhams (3,170 million dirhams at the end of June 2022, compared to 341 million dirhams in the previous year).

For its part, imports of crude products increased by 82.7 percent, mainly due to the increase in purchases of crude unrefined sulfur, which more than doubled (+6,900 million dirhams).