The trade balance deficit narrowed by 22.8% to 159.5 billion dirhams (billion dirhams) in 2020, after five years of worsening deficit, according to the Foreign Exchange Office.
The share of the trade deficit in gross domestic product (GDP) fell from 17.9% in 2019 to 14.9% in 2020, down 3 points, says the Foreign Exchange Office in its annual report on foreign trade for the 2020 financial year.
Like the last five years, the trade balance by product groups is in deficit with the exception of that of food products, notes the same source.
The balance of foreign trade in capital goods improved, reducing the value of the deficit to 56.6 billion dirhams and the deficit of energy products fell to 48.6 billion dirhams.
Semi-finished products also recorded a reduction in their trade deficit to 34.6 billion dirhams and the trade balance of consumer goods improved to 20 billion dirhams.
Raw products also saw their trade deficit reduce to 1.3 billion dirhams, while the balance of food products remained in surplus with, however, a decline in its value of 86.1%.
By country, the trade balance remains in deficit vis-à-vis Spain, Morocco’s largest trading partner, with a deficit of MAD 1.6 billion, down 79.3% compared to 2019.
On the other hand, vis-à-vis France, Morocco recorded a trade surplus of 6.6 billion dirhams, up 4.4 billion dirhams.
The trade deficit with China continues to widen since 2011, reaching 49 billion dirhams in 2020 against 47.1 billion dirhams a year earlier, while trade with the United States shows a declining trade deficit from 31.5% to 17.2 billion dirhams and the trade deficit vis-à-vis Italy was reduced by 21.8%.