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Wednesday 16 Sep 2015 - 11:01 Makkah mean time-3-12-1436
Morocco auto-industry (Google image)
Rabat (IINA) – Morocco's trade deficit fell by 20.4 percent to $10.79 billion during the first eight months of 2015, compared to the same period a year earlier, thanks to lower cost of energy imports as oil prices declined.
Morocco's cost of energy imports fell by 30 percent from a year earlier. Wheat imports also fell by 27.8 percent as the local harvest hit a record high this year, according to official data published here on Tuesday.
The trade gap was down due to the total exports rise (6.6 percent), which was led by a 15 percent increase in auto exports and 18 percent hike in phosphate sales.
Remittances from the 4.5 million Moroccans living abroad rose 5.5 percent, and foreign direct investments jumped 22.8 percent, while tourism receipts dropped 2.5 percent.
AB/IINA
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