Morocco’s trade deficit decreased by 32.7% in January


He said Moroccan Exchange OfficeToday, Wednesday, in trade deficit The country fell 32.7 percent to 16.4 billion dirhams ($ 1.84 billion) in January.
In a monthly report, the office said that Morocco’s imports fell 16 percent to 41.7 billion dirhams, while exports increased 5.2 percent to 25.3 billion dirhams, compared to the same period a year ago.
The Covid-19 pandemic has reduced the cost of energy imports, slowed down trade and led to an economic downturn that affected domestic and foreign demand.
The government announced a plan to reduce imports of 34 billion dirhams by 2023 by stimulating domestic manufacturing.

Within the framework of the same plan, 52 investment agreements, worth 4.2 billion dirhams, were signed last month between the government and companies operating in the textiles, pharmaceuticals, chemicals, metals, plastics, agro-food and wood sectors.

And Prime Minister Saad Eddine El Othmani stressed, last month, that Morocco will not return to the policy of closure, but will proceed with economic openness while encouraging local products that allow alleviation of the trade balance deficit.
He went on to say that Morocco produces the majority of basic consumer products, indicating at the same time that importers have rights, but that “what we consume must be produced,” considering that many of the health materials provided under Covid-19 are of local production.
He pointed out that measures have been taken to strengthen the competitiveness of the national product, by raising the import duty on finished products from 25 to 40 percent, while focusing on studying and evaluating a set of free exchange agreements, and taking care to apply trade protection measures to correct some unfair competition practices upon import. .
(Reuters, Al-Araby Al-Jadeed)


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