The increase in the energy bill is due to the rise in gas oil and fuel oil supplies. The latter increased at the end of October by MAD 9.2 billion following the 34% increase in prices.
The energy bill was a bit high at the end of October. Indeed, it was consolidated by 17.7 billion dirhams in the tenth month of the year, marking an improvement of 43.1% compared to the same period of the previous year. This is what can be noted from the latest indicators of the Foreign Exchange Office. The increase in the energy bill is in fact due to the rise in supplies of gas oil and fuel oil. The latter increased at the end of October by 9.2 billion dirhams following the 34% increase in prices. This increase is also combined with the rise in imported quantities. They have increased by 10.7% compared to the volume observed in the same period of last year. “Imports of these products at the end of October 2021 remain, however, lower than those posted during the same period in 2018 and 2019,” comments the Exchange Office to this effect. From a broader angle, Morocco’s purchases at the end of October amounted to 424.32 billion dirhams, up 22.9% compared to October 2020.
This increase follows the rise in purchases of all product groups. In addition to energy products, there was a consolidation of MAD 24.43 billion in imports of finished consumer products and an increase of MAD 17.46 billion in purchases of semi-finished products.
As regards exports, the Foreign Exchange Office shows a 20.7% increase, i.e. a value of about 260.15 billion dirhams. In value, this increase translates into an additional 44.55 billion dirhams compared to the shipments of the same period of the previous year. “This increase concerns exports of all sectors, mainly phosphates and derivatives, automobiles and textiles and leather,” the foreign exchange office said. At the end of October 2021, Morocco exported 61.16 billion dirhams of phosphates and derivatives, thus achieving an additional 19.61 billion dirhams in one year (47.2%).
This evolution is explained by the increase of 12.26 billion dirhams in the sales of natural and chemical fertilizers due to the price effect, up by 59.8%. The automotive sector has for its part achieved an export figure up by 12.4%. The sector’s exports reached at the end of October a value of MAD 66.22 billion, up by MAD 7.31 billion. As for the textile and leather sector, it has become the fourth exporting sector for the tenth month of the year.
Sales in this sector amounted to 30.26 billion dirhams, up by nearly 5 billion dirhams. Exports in the agriculture and agribusiness sector improved by 9.1%, gaining 4.67 billion dirhams compared to the same period last year. However, the differentiated evolution between imports and exports accentuates the trade deficit. A 26.6% widening was observed at the end of October, bringing the shortfall to MAD 164.17 billion.