Imports/Exports in Morocco
The deflation of commodity prices and weakness of its economic partnerships resulted in a decline in trade of nearly 22% at the end of 2009. The trade deficit thus decreased, but at the end of 2009 it still represented 21% of GDP.
Major sources of imports declines were wheat (-56%) and sulfur (-89%). In terms of exports, there was a considerable drop in the sales of phosphates and derivatives (-64%) and in 2009, the Moroccan Phosphates Board decided to suspend selling in order to prevent a collapse in prices and constitute a substantial stock for the economic recovery.
Morroco's two main export partners are the European Union (70% of trade, the main client and import partner being France, with 15.5% of foreign trade) and the United States. The main export commodities are clothing & clothes, electric machinery, inorganic chemicals, fish & other seafoods. Morroco's two main import partners are the European Union and China. The country mainly imports fuels & oil, electric and electronic machinery and equipment, vehicles, iron and steel.
Since 2000, the authorities have been trying to lower the trade deficit through a series of sector plans (“Emergence 1” and “Emergence 2” for the industrial sector, “Green Morocco” for agriculture et.). It should be noted that free trade accords were signed in 2004 with the United States, Turkey, Tunisia, Egypt and Jordan. The kingdom wishes to double its exports by 2018. An emergency plan was nevertheless launched at the beginning of 2009 in order to boost the export industries hit by the economic crisis (leather and textile goods, automotive equipment).
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||23,980||32,010||42,366||32,881||35,522|
|Exports of Goods (million USD)||12,744||15,340||20,345||14,054||17,560|
|Imports of Services (million USD)||3,562||4,527||5,628||5,302||6,095|
|Exports of Services (million USD)||9,269||11,490||12,840||11,892||12,000|
|Imports of Goods and Services (Annual % Change)||8.2||15.0||12.2||-6.0||-|
|Exports of Goods and Services (Annual % Change)||11.6||5.2||7.3||-13.1||-|
|Imports of Goods and Services (in % of GDP)||39.7||44.9||50.9||39.5||-|
|Exports of Goods and Services (in % of GDP)||34.2||35.7||37.5||28.6||-|
|Trade Balance (million USD)||-9,756||-14,170||-19,497||-16,363||-|
|Trade Balance (Including Service) (million USD)||-4,441||-7,421||-12,775||-||-|
|Foreign Trade (in % of GDP)||73.9||80.6||88.3||68.1||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|Other partnersClose extended list||41.0%|
(% of Imports)
|Other partnersClose extended list||50.8%|
Exchange Rate System
- Exchange Rate Regime
- From fixed to a basket of currencies
- Level of Currency Instability
|Moroccan Dirham (MAD) - Average Annual Exchange Rate For 1 USD||8.87||8.80||8.19||7.75||8.06|
Source: World Bank
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