Tuesday , May 11 2021

The trade deficit narrows in late February



The trade deficit narrowed at the end of February 2021. According to figures recently published by the Office des charges, during the first two months of the current year it stood at 24.94 million euros. Dirhams (MMDH). This result is explained by the fall in exports of 2.5% (1.2 billion DH) less than that of imports (-6 billion DH or -7.4%), the Office stressed in its newsletter on the foreign trade indicators for February. 2021. Note that the fall in imports of goods follows the fall in purchases of most product groups, in this case, energy products (-3,463MDH), consumer goods. Equipment (-1,430MDH) , semi-finished products (-1,399MDH) and food products (-232MDH). ”However, it should be noted that this decrease is mitigated by the increase in purchases of finished consumer products (+ 351MDH) and raw products (+ 189MDH), as the Office points out in its newsletter, the same source explains that the 28.8% reduction in the energy bill at the end of February 2021 is the result of the fall in the supply of diesel and fuel oil. -2.281MDH) due to the fall in prices of 23.1%., Combined with the Fall of 19.6% of imported quantities (913 mT at the end of February 2021 against 1.136 mT at the end of February 2020) The analysis of the data collected also shows that the supply of capital goods and semi-finished products fell by 6 , 9% and 8.1% respectively during the same period. It should be noted that the proportion of these two product groups stabilized at 47.4% of total imports, the Office said. With regard to imports of finished consumer products, they registered a slight increase of 1.9%, from 18,116MDH at the end of February 2020 to 18,467MDH at the end of February 2021; mainly due to the increase in purchases of parts and parts for passenger cars (+ 21.9%) and passenger cars (+ 21.3%). In terms of exports (which stood at 49,620MDH against 50,867MDH a year earlier), its fall mainly affected sales of textiles and leather and aeronautics and, to a lesser extent, sales of agriculture and agri-food. In this regard, the Office specifies that exports of the textile and leather sector stood at 5,095MDH at the end of February 2021 against 6,166MDH a year earlier, ie -17.5% or -1.081MDH. According to the Foreign Exchange Office, “this development is mainly due to the decrease in sales of ready-made clothing (-18% or -685MDH) and footwear (-29.6% or -186MDH). The participation of This sector lost 1.8 points in total exports (10.3% at the end of February 2021 compared to 12.1% at the end of February 2020), but it should be noted that the fall in exports were attenuated mainly by the increase in sales in the automotive sector and those of phosphates and derivatives, we can read. As the Office noted in its bulletin last February, “automotive exports recorded an increase of 4.1% at the end of February 2021 “, mainly due to the increase in sales of the segment” construction “.» 8.6%, or + 505MDH. It should be noted, however, that this increase was hampered by sales in the “wiring” segment and the “vehicle interiors and seats” segment, whose sales fell by 3.7% and 2.2% respectively ament. Although exports of phosphates and derivatives have experienced an increase of 7.9% equivalent to + 526MDH. Note also that at the end of February 2021, the trade balance for services showed a surplus of 42.2% (-6,338MDH) to + 8,686MDH against + 15,024MDH a year earlier. As noted by the Office, exports fell by 36%, to reach 19,081MDH at the end of February 2021 against the 29,837MDH of the previous year. And to specify: “This decrease can be explained up to 73.5% of the fall in travel receipts, the main component of service exports.” With regard to imports of services, the statistics show a decrease of 29.8% equivalent to -4,418MDH. In the end, travel receipts stood at 4,266MDH at the end of February 2021 against 12,173MDH a year earlier, which corresponded to a decrease of 65% (-7,907MDH). While travel expenses in turn fell 55% (-1.813MDH), the Currency Bureau said the travel balance surplus ultimately fell 68.7%.


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