Morocco, May 18, 2013 (SPS) - Morocco’s trade deficit has increased almost five-fold from 44 billion dirhams (1 euro = 11 DH) in 2000 to 201 billion dirhams in 2012 due to the growth rate of imports such as energy products and food.
In its report on the “Competitiveness of Moroccan exports: what balance”, Moroccan Department of Economic Studies and Financial Forcast (DEPF) noted that the economic growth during this period was not made in an equitable manner between exports and imports, noting that the level of imports of goods was much higher than exports.
During the period 2000-2012, this deficit recorded can also be explained, on the import side, through the increase of purchases of energy products whose value depends on the fluctuations of exchange rates and international food and especially cereals on the one hand and on the other hand by the large imports of capital goods related to investment.
In a previous report, DEPF pointed out that the deficit of the trade balance in Morocco had reached 21.1% of gross domestic product during the period from 2005 to 2012 against 11.3% during the period 2000 to 2004.
The report had explained that this came from the “rise of the energy bill” that was established in 47.6% of total exports, or 9.6% of gross domestic product or rising imports of food products, raw products and finished equipment goods.
During this period, the total imports increased by an average of 11.8% while exports had increased by only 9.7% at the source, adding that the rate of coverage of imports by exports was decreased from 62.2% in 2000-2004 to 48.7% on average during the period 2005-2012.
At the end of December 2012, Morocco’s trade deficit had worsened from 7.9% to -197.16 -182.77 billion dirhams against billion dirhams in the same period in 2011.According to the Moroccan Exchange Office (OC), Moroccan imports reached 380.3 billion dirhams against 357.76 billion dirhams a year earlier, an increase of 6.3% or +22.60 billion dirhams.
International reports indicated that Morocco resorts to export drugs to support domestic income, where the International Narcotics Control Board (INCB) highlighted that Morocco has exported to the world more than 82% of the total drugs seized by customs authorities in all parts of the world.
In another report, the NBC TV Channel said that Morocco produces 40 percent of the amount of hashish produced in the world, adding that it is the primary source of cannabis delivered to Europe, especially Spain and Italy, the equivalent of 800 tons per year.
Hashish trade brings to Morocco about 12 to 13 billion dollars annually, equal to twice the income of tourism sector.INCB’s report also denounced the facilities provided by Moroccan security apparatus for the transit of drug, a thing described as dangerous by the U.S. State Department. (SPS)
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