Morocco’s trade deficit narrows 6 percent in 2014

Employees work on a vehicle at the assembly line of Dacia Sandero cars at a factory operated by Somaca in Tangiers. (File photo: Reuters)

Morocco’s trade deficit narrowed by 6 percent year on year in 2014, data showed, reflecting lower energy imports as oil prices fell and exports surged.

The trade gap was 186.35 billion Moroccan dirham ($19.83 billion) with exports up 6.1 percent and imports down 0.2 percent, Rabat's foreign exchange regulator said on Friday.

Auto and electronics exports rose by 26.2 percent and 26 percent respectively. Energy imports declined by 10.1 percent and wheat imports increased by 51.2 percent after bad weather slashed the local harvest.

Tourism receipts declined 0.4 percent while remittances from the 4.5 million Moroccans living abroad rose 2.2 percent.

($1 = 9.3969 Moroccan dirham)

Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46