Morocco’s Goods Exports Increase

Morocco’s goods exports increased by 19.8%, totaling 84.7 billion dirhams up to end June 2011, compared to 70.7 billion dirhams during the same period of last year, said Morocco’s exchange rate monitoring body, Office des changes. The increase is mainly due to foreign sales of phosphates and by-products, which reached 22.8 billion dirhams, the Office added. On their part, goods imports rose by 22.5%, reaching 178.23 billion dirhams at the end of the first half of 2011, against 145.5 billion dirhams a year earlier. The rise is attributed to a 41% increase in energy products imports (44.9 billion dirhams against 31.9 billion dirhams) and an increase of 17.3% of imports excluding energy products. As a result of these increases, the trade balance showed an estimated deficit of 93.5 billion dirhams in the first half of 2011, against 74.8 billion dirhams a year earlier.