Morocco's Energy Imports Decline Amid Shifting Trade Patterns

Wednesday 07 August 2024 - 13:15

In 2023, Morocco experienced a notable 20.4% decrease in energy product imports, totaling MAD 122 billion, as reported by the Office des Changes. The decline was primarily driven by reduced imports of diesel and fuel oil, which made up the majority of the decrease.

The country's foreign trade report also noted a 10.5% drop in semi-finished product imports, largely due to reductions in ammonia (down MAD 12.6 billion), chemical products (down MAD 3.2 billion), and paper and cardboard (down MAD 2.7 billion).

Raw materials imports saw a significant fall of 27.9%, mainly due to lower sulfur imports (down MAD 10.8 billion).

In contrast, finished equipment product imports rose by 14.4% to MAD 161.7 billion. This increase was fueled by higher acquisitions of electrical circuit devices (up MAD 3.9 billion) and insulated electrical wires and cables (up MAD 2.4 billion).

Finished consumer product imports also continued to grow, reaching MAD 158 billion, driven by a rise in passenger car purchases (up MAD 3 billion) and related components (up MAD 6.7 billion).

Food product imports experienced a modest 3.3% increase, reflecting a slower growth rate compared to the previous year.

The Office des Changes' report offers an insightful overview of Morocco's evolving trade landscape, underscoring key trends and shifts in import activities across various sectors.