Exports resume growth

For the second consecutive month, growth in exports was greater than that of imports. A source close to the Interdepartmental Committee on Intelligence said that "our external sales recorded a jump of 17.6% during the first 7 months of 2010. The value of exports has increased to 79.8 billion Dh as against 67.8 billion Dh at end July 2009.

Meanwhile, imports rose 12.1% reaching 172.2 billion Dh instead of 153.6 billion on the same date in 2009. This has led to improved coverage rates of 2.1 percentage points. It therefore amounts to 46.3% against 44.2% at end July 2009.

The data from the Exchange Office, which will be published in late August, also reports an increase of 8.3% of transfers from Moroccan expatriates, generating an improvement of nearly 2.4 billion dirhams. Their total amount reached 30.9 billion Dh at the end of the first 7 months of 2010. 28.6 billion against the same period last year. Travel receiptsgrew over the period and amounted to 7.2 % and thereby generating a more positive balance of 25.7 billion Dh in relation to expenditure. They peaked at 4.9 billion dirhams.

Fforeign investment and foreign loans declined. These revenue items declined by 18.1%. The value of receipts amounted to 12.9 billion Dh instead of 14.8 billion at end July 2009. Apart from this last indicator, all others confirm the predictions of expected recovery in world trade.

They predict a growth rate of international trade by 9.5% in 2010 against a decline of 12% in 2009. But this growth will be mainly driven by an emerging Asia and Latin America. For these countries, the projected rate is about 10.5%. In the United States where the deleveraging of households is well advanced, domestic demand is expected to also experience sustained development. It is the same, but to a lesser extent with some countries in Africa and the MENA region.

For Morocco, the signs of recovery in export growth are confirmed. Out of phosphates and derivatives, international sales have improved by 6.8% to $ 60.7 billion Dh to end in July 2010 against 56.8 billion the same date in 2009, an increase of 3 8 billion Dh. In contrast, the non-oil imports rose 9.2% reflecting an increase in value of over 13.8 billion Dh from one period to the other. The fuel bill alone amounted to 13.6 billion Dh after the first 7 months of the year instead of 8.4 in late July 2009. However exports of phosphates and derivatives have somewhat offset the volatility of fuel price rises since the value appreciated by 8.1 billion Dh in late July 2010. In all, phosphates and derivatives revenues were $ 19.1 billion Dh as against 11 billion.

At the same time other sectors have performed well during the first 7 months of 2010. Foremost is the automotive sector where the value of exports reached more than 8.2 billion as against DH 6.4 billion in 2009. This increase was particularly due to wiring harness sales. International sales totaled more than 1.4 billion Dh and to a lesser extent building revenues were $ 373.4 million Dh. Still, for the month of July alone, the automotive industry has achieved 1.1 billion Dh in exports instead of 997.6 million in July 2009.

Other sectors whose exports are increasing include electronics and seafood .The first achieved a jump of nearly 18%. The value of exports reached nearly $ 3.5 billion as against 2.9 billion DH. This performance was recorded in electronic components that represent nearly 82% of total sector exports. Seafood exports reached 7 billion Dh, the same amount reached in July 2009.

In terms of export activities, textiles and clothing, footwear and aeronautics have shown a downward trend.However that ready made clothing and hosiery were back in line with the growth of exports in July.

A. G.

L'Economiste