Morocco’s trade deficit shrank 6.5% as the country’s energy imports dropped 20%, Morocco’s foreign exchange office said. Energy imports stood at 69 billion dirhams, offsetting a drop in phosphates and fertilizers exports by 40% to 40.8 billion dirhams, due to lower prices. State-owned phosphates and fertilizers producer said a few days ago its sales were still higher compared to 2021, prior to price hikes. Car industry exports rose 37% to 82 billion dirhams, signaling strong demand across all segments of the sector. Tourism receipt spiked 50% to 57 billion dirhams and remittances from Moroccan expatriates continue on their upward trend to 66 billion dirhams, up 10%.
