Morocco’s Jan-Aug trade deficit expands 25% on higher energy, sulphur bills

By Ahmed Eljechtimi

RABAT, Oct 1 (Reuters) - Morocco's annual trade deficit widened by 25.4% to 282.6 billion dirhams ($29 billion) in the first eight months of this year, the foreign exchange regulator said in its monthly report on Thursday, citing an increase in energy and sulphur imports.

• Imports rise 15.8% y/y to 617.5 billion dirhams; exports up 8.7% at 334.8 billion dirhams

• Energy imports surge 32.6% to 96.3 billion dirhams, driven by higher diesel and fuel oil prices

• Wheat imports drop 18.4% to 9.3 billion dirhams after an improved domestic harvest

• Morocco's automotive industry, which includes Stellantis and Renault factories, was the leading export sector, at 116 billion dirhams, up 14.5%

• Morocco, which sits on the ⁠world's largest phosphate reserves, reported a 6% drop in exports of the mineral and its derivatives, including fertilisers, to 61 billion dirhams

• Imports of sulphur, a key fertiliser ingredient, almost tripled to 27.2 billion dirhams

• Remittances from Moroccans abroad rose 9% to 89 billion dirhams, while tourism revenue was up 9.7% to 97 billion dirhams. Foreign direct investments stood at 47.3 billion dirhams, up 17%