Morocco’s trade gap narrows 6.0% y/y to $19.8bn in 2014 on rising exports

By bne IntelliNews January 16, 2015

Morocco’s foreign trade deficit ended 2014 on a positive note, narrowing 6.0% y/y to MAD186.3bn ($19.8bn) as exports increased and imports dropped, preliminary data from the Office de Change showed on January 16. Total imports fell 0.2% y/y to MAD383bn and exports grew 6.1% y/y to MAD196.7bn last year.

Imports were mainly dented by falling energy purchases (down 10% y/y to MAD91.9bn) amid declining crude oil prices. The trend will continue at least in Q1 2015, helping Morocco narrow further its CA deficit and shore up FX reserves.

Dropping energy and equipment imports last year helped offset rising food (up 14.8% y/y to MAD41.2bn), end-consuming goods (up 8% y/y to MAD70bn) and raw material (up 10.5% y/y to MAD19.7bn) imports as domestic demand remain strong.

Exports remained supported by strong sales of non-phosphates goods, mainly passenger cars, electronics, and the Others category. Such strong parameters helped offset falling value-added phosphates exports (down 0.1% y/y to MAD37.3bn). The annual contraction of phosphates exports, however, has sharply narrowed in H2 2014, meaning those exports will rebound in H1 2015. Agro exports rose 3.2% y/y to MAD37.4bn last year.

As to Morocco’s tourism proceeds they remained relatively subdued, inching down 0.4% y/y to MAD57.4bn undershooting government’s aspirations amid lower demand mainly from Libyans and Algerians.

Net transfers from Moroccans working and residing abroad rose 2.2% y/y to MAD59bn in 2014, despite the economic slowdown in the EU. The EU-based diaspora remains the key source of remittances.

Net FDI inflows to Morocco, however, grew 2.6% y/y to MAD28.4bn as several foreign acquisitions took place in Q4 after a period of stagnation and a high prior year base. 

Related Articles

Turkish Airlines' share price falls further after UK follows US with electronics flight ban

The share price of Turkish Airlines (THY) was down 2.88% by the end of trading on March 21 after the UK joined the US in banning electronic devices larger than smartphones in hand luggage on flights ... more

Turkish Airlines' share price slides after US bans electronic devices on flights

Flag carrier Turkish Airlines (THY) saw its share price fall 1.69% on March 21 after confirming it is among the nine airlines affected by a US cabin baggage ban on large electronic devices on flights ... more

Iran, Syria sign raft of memoranda and deals

Following the purge of foreign-backed rebels in the devastated Syrian city of Aleppo by Iranian, Lebanese and Russian forces, Damascus’s prime minister Imad Khamis was in Tehran to sign five ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss