Morocco's H1 trade deficit surges 25 per cent year on year

Reuters, Tuesday 19 Jul 2011

Higher oil and wheat import bills in early 2011 are behind the climb to $111.6 billion, according to official data

Morocco's trade deficit jumped 24.5 per cent in the first half of the year from a year earlier to 93.2 billion dirhams (US$11.6 billion) fuelled by higher oil and wheat import bills, according to official data on Monday.

Tourism receipts over the same period rose 9 per cent to 24.7 billion dirhams and migrant remittances climbed 7 per cent to 26.7 billion dirhams, data from the Office des Changes foreign exchange regulatory authority showed, mitigating the potential impact on the availability of foreign currencies. 

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