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Morocco’s Report Tourism Numbers Assist Cut back Commerce Decifit

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The huge earthquake that struck Morocco final September did not stunt its tourism growth, welcome information for the nation’s financial system.

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Morocco’s annual commerce deficit contracted by 7.3% to 286 billion dirhams ($28.6 billion) in 2023, helped by a drop in power imports and better tourism income, the international trade regulator mentioned in a month-to-month report.

Imports fell 2.5% from a yr earlier to 715 billion dirhams, whereas exports elevated by 0.2% to 429 billion dirhams, the regulator mentioned, including that remittances from Moroccans overseas and automotive trade exports additionally helped to enhance the commerce deficit.

Morocco’s power imports dropped 20.4% to 122 billion dirhams after a drop each in demand and costs within the worldwide market.

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Wheat imports stood at 19.3 billion dirhams, down 25.3%, whereas ammoniac imports – key for fertiliser manufacturing – fell by 58% to eight.8 billion dirhams.

Morocco, which has the world’s largest phosphate reserves, reported a 34% lower in exports of the mineral and its derivatives, together with fertilisers, to 76 billion dirhams.

Residence to Stellantis and Renault manufacturing crops, Morocco reported a greater than 27% achieve in automotive sector exports to a document 141 billion dirhams.

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Tourism income additionally scaled new peaks, leaping 11.7% to 104 billion dirhams from a document 14.5 million guests to the nation final yr.

Key to Morocco’s influx of onerous foreign money, remittances from Moroccans overseas reached a document 115 billion dirhams, up 4% from 2022.

(Reporting by Ahmed Eljechtimi; Enhancing by David Goodman)

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This text was from Reuters and was legally licensed by the DiveMarketplace by Trade Dive. Please direct all licensing inquiries to [email protected].

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