Trade deficit diminishes | L’Economiste
The trade deficit improved slightly, reaching -117.089 billion dirhams (US 11.7 billion) at the end of May, compared with -118.260 billion dirhams (-US 11.8 billion) a year earlier, a slight improvement of 1%.
However, this remains insufficient to offset structural imbalances and increased dependence on imports, despite a rise in exports. This situation reveals a persistent fragility in the structure of exports and underlines the effort needed to stimulate high value-added sectors. Imports rose by 2.3% to MAD 308.821 billion (US 30.88 billion), compared with DH301.962 billion (US 30.19 billion) the previous year. At the same time, exports rose by 4.4%, from MAD 183.702 billion (US 18.37 billion) to MAD 191.731 billion (US 19.17 billion). An analysis of imports reveals structural dependence, particularly for energy products and capital goods.
By the end of May, imports of finished capital goods had risen by 6.8%, driven mainly by increased purchases of commercial vehicles (+51.4%), devices for cutting or connecting electrical circuits (+18.7%) and piston engines (+9.4%). Semi-finished products also rose by 6.5%, due to increased purchases of iron or non-alloy steel semi-finished products (+1.54 billion MAD) (US 154 million) and iron or non-alloy steel wires, bars, and sections (+ 698 million MAD) (US 69 million). Purchases of finished consumer goods rose by 5.2%, driven by higher imports of parts for passenger cars (+11.1%), medicines and other pharmaceutical products (+24.1%) and synthetic and artificial fiber fabrics and yarns (+9.1%).
On the other hand, imports of raw materials fell by 8.5%, and those of food products by 3.3%. Purchases of energy products, which account for 15.8% of total imports, fell by 5.2%, mainly as a result of reduced supplies of petroleum gas and other hydrocarbons (-26.2%), due to lower prices and a slight reduction in quantities imported.
On the export side, the automotive sector stood out with export sales of MAD 67.463 billion (US$ 6.74 billion), up 12% on the previous year. The main sub-segments contributing to this growth were construction (+11.7%), wiring (+11%), and vehicle interiors and seats (+21.9%). Phosphates and derivatives also performed well, with an increase of 5.3%. Aeronautics recorded growth of 17.6% in May 2024, with exports totaling MAD 10.6 billion (US 1.06 billion).Although the agricultural and agribusiness sector saw a slight overall decline of -0.7%, some segments performed positively, notably the tobacco industry (+32.5%). On the other hand, the textile and leather sector suffered a decline of 4%, with exports reaching MAD 19.87 billion (US 1.98 billion) versus MAD 20.707 billion (US 2.07 billion) for the same period in 2023. The sector’s sub-segments all contributed to this fall, with exports of ready-made garments (-3.6%), footwear (-12.9%) and hosiery (-1.5%) all down.
Khadija MASMOUDI
