Morocco’s trade deficit up due to hike in imports

Rabat: Morocco’s trade deficit increased by 19.2 per cent in February compared with the year before, reaching $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 $75 billion from $66.5 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 $42.7 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.