Energy, cereals and “ammonia” raise Morocco’s imports by 135,000 million dirhams

The value of imports from Morocco increased, during the first seven months of the current year, by 135,000 million dirhams as a result of the increase in the prices of various imported materials.

The value of imports at the end of last July amounted to about 429.5 billion dirhams, compared to 294.4 billion dirhams in July 2021.

The increase in imports outpaced that of exports, which amounted to AED 246 billion at the end of July 2022, up from AED 174 billion the previous year.

The increase in the value of Moroccan imports by 45.9% is due to the significant increase in the prices of a series of imported materials; Mainly energy materials, cereals and ammonia.

Morocco’s energy bill rose to 88.1 billion dirhams, compared to 38.7 billion dirhams a year ago, as a result of the transition in gas and fuel prices from 4,826 dirhams per ton to 9,990 dirhams per ton. price, imported quantity increased by 9.4 percent.

The purchase of ammonia by Morocco significantly affected the increase in imports, as its value increased by 8.7 billion dirhams, from 3.4 billion dirhams at the end of July last year to 12.2 billion dirhams in the first six months of this year.

Ammonia is used by the OCP group, and its price has risen significantly on the international market.

Foodstuffs, including wheat, barley, raw and refined sugar, also saw a significant increase of 52 percent, as the import bill for these materials rose from AED35.6 billion at the end of July 2021 to 54.3 billion dirhams last July.

Crude products, including sulfur and soybean oil, saw a significant rise Purchases of crude sulfur cost about Dh13.5bn, compared with Dh4.6bn a year ago; Soybean oil imports increased by AED 1.6 billion to AED 4.7 billion.

As a result of the increase in imports, Morocco’s trade deficit amounted to 183.4 billion dirhams at the end of July; This represents a growth of 53.5 percent year on year.