(Ecofin Agency) - As of the end of October 2024, Morocco's total imports increased by 5.8%, driven mainly by purchases of finished goods and food products, according to the Foreign Exchange Office.

Morocco’s trade deficit increased by 5.2% by the end of October 2024, reaching 249.83 billion dirhams (about $25 billion), compared to 237.49 billion dirhams in the same period in 2023. This information comes from the Foreign Exchange Office’s latest report on external trade.

The report highlights that the deficit growth is mainly due to a 5.8% rise in imports, which reached 623.38 billion dirhams. This increase was driven by higher imports of finished goods and food products.

Exports also grew during this period, increasing by 6.2% to 373.54 billion dirhams. Phosphates and their derivatives, along with the automobile sector, were the main drivers of export growth. The agri-food sector also showed a modest rise of 2.9%.

Morocco’s High Commission for Planning estimates that the country's economy grew by 2.8% in Q3 2024 compared to Q3 2023. This growth is attributed to a continued recovery in domestic demand and stronger export performance. For the fourth quarter, the commission projects a 2.5% growth rate, citing a more moderate expansion in secondary industries and a continued decline in primary sector activities.