Exports: Morocco Has Lost Over 27 Billion DH in the First 6 Months of 2020

The export activity has suffered a hard blow during the first six months of the current year, says Aujourd’hui Le Maroc in its newsstand delivery this Friday. The daily indeed points out that Morocco’s sales on the international market fell by 27.23 Billion DH at the end of June, a drop of 18.3% compared to the same period of the previous year.

Overall, we note that exports have indeed amounted to 121.30 Billion DH at the end of June against 148.53 Billion DH a year earlier. We learn that this decline is explained by the reduction in shipments of almost all sectors, the automotive industry being the leading sector that has been most affected. It should be noted that the turnover of this sector for export fell by 13.8 Billion DH and reached 28.34 Billion DH at the end of June.

According to the Foreign Exchange Office, the evolution of exports of the automotive sector for the first half of the year 2020 is mainly explained by the decline of 40% of construction sales (-7.42 Billion Dirhams), 38.8% of those of wiring (-6.50 Billion Dirhams) and 26% of those of the interior vehicles and seats (-1.05 Billion Dirhams).

The textile sector comes in second place with sales which depreciated by 34.9% generating at the end of June 12.33 billion DH, that is to say nearly 7 billion DH lost compared to the same period of the previous year. Aujourd’hui Le Maroc indicates that the exports of the textile and leather sector during the first six months of the year 2020 have been affected mainly by the decline in sales of ready-made clothing (-4.83 Billion DH) and hosiery (-1.41 Billion DH).

For its part, the aeronautics sector experienced an 18.1% drop in shipments, losing MAD 1.53 Billion in value in the first half of the year, according to the report. Similarly, the export sales of agriculture and food processing declined by 4.3% passing in one year from MAD 34.64 Billion to MAD 33.14 Billion at the end of June, Aujourd’hui Le Maroc notes, adding that this situation is mainly due to the decline in sales of the food industry by 6.4% or MAD -1.09 Billion.

Exports of phosphates and derivatives fell by 2% over the said period, coming down to 24.99 Billion DH for the first six months of the year. The daily also notes that the trade balance has seen in the first half of the year a reduction in its deficit. It should be noted that the reduction is 16.2%, i.e. a reduction of MAD 16.57 Billion and the coverage rate (the ratio between exports and imports) has slightly decreased.

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