RABAT (Reuters) – Morocco’s exchange office said on Wednesday that the country’s trade deficit fell 32.7 percent to 16.4 billion dirhams ($ 1.84 billion) in January.
The office said in a monthly report 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 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 sectors of textiles, pharmaceuticals, chemicals, metals, plastics, agro-food and timber.
(Ahmad Al-Jashtimi press coverage; Mahmoud Salama’s preparation for the Arabic newsletter; Editing by Ahmed Elhami)
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