The energy bill exceeds one hundred billion dirhams in Morocco

Morocco’s energy bill exceeded 100,000 million dirhams at the end of last August, as a result of the increase in fuel prices on the international market since the beginning of the year.

According to statistics issued by the Exchange Office, today Monday, the energy bill amounted to 103 billion dirhams in the first eight months of this year, compared to 45.1 billion dirhams in the same period last year. .

The same office explained that this increase is due to the increase in prices and volumes of fuel purchases abroad.

In total, the Kingdom’s trade deficit at the end of August amounted to 214 billion dirhams, as a result of imports reaching 491 billion dirhams, with exports in the range of 276 billion dirhams.

The rate of worsening of Morocco’s trade deficit reached 56.1 percent at the end of August, which reduced the level of coverage of exports over imports to 56.3 percent instead of 59.5 percent.

Food purchases increased by about AED20 billion at the end of August, due to a doubling of wheat imports due to higher prices and volumes.

At the export level, sales of phosphates and their derivatives grew by 67.7 percent, to reach 77.8 billion dirhams in the first eight months of this year, compared to 46.4 billion dirhams in the same period last year.

The automotive sector also maintained a good performance, as its sales amounted to 66.7 billion dirhams, an increase of 29.3 percent, the highest level reached by the sector in the last five years.

The exchange house also reported that the export sector of agricultural and food industries reached 55.8 billion dirhams, with an annual increase of 24.1 percent.

Tourism and remittances

Tourism receipts amounted to AED 52 billion, which is the same level reached in the same period in 2019 before the Corona pandemic.

The expenses of Moroccans abroad amounted to 10 billion dirhams, compared to 6.2 billion dirhams in 2021 and 14 billion dirhams in 2019.

Remittances from the Moroccan community residing abroad reached 71.4 billion dirhams, compared to 64.1 billion dirhams, which is the highest level reached in this period of the last five years.