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Rabat - Morocco’s trade deficit has decreased from $7.8 billion in the first half of 2015 compared to $10.2 billion in 2014.
A report by the Moroccan Exchange Office revealed on Wednesday that this was due to lower energy prices as a result of plummeting oil prices.
The Exchange Office's monthly report revealed that imports of energy cost Morocco $3.5 billion between January and June 2015, compared to $5.2 billion recorded in the same period last year.
The report said that exports, which were worth $11.22 billion, have risen by 6.4 % in one year. Imports, meanwhile, amounted to $19.06 billion by the end of June 2015, which is a decrease of 8.6% on last year's $20.84 billion figure.
The report, in addition, noted that direct foreign investments in Morocco increased by 19.6% during the first half of 2015, to $1.32 billion. This is compared to $1.1 billion dollars during the same period last year.
The Exchange Office said remittance from the $4.5 million Moroccans living abroad rose by 5%. It reached $2.95 billion by the end of June 2015, compared to $2.81 billion recorded in the same period last year.
The post Morocco’s Trade Deficit Drops as Oil Price Falls appeared first on Morocco World News.
