Morocco will mobilize global investment of around 14.5 billion dirhams ($1.6 billion) in a wind energy program, its foreign ministry said. In another context, Morocco’s trade deficit grew 25.5 percent to 151.8 billion dirhams ($16.5 billion) in the first nine months this year, the foreign exchange regulator said on Tuesday.
Moroccan imports rose 23.4 percent to 382.2 billion dirhams, while exports jumped 22 percent to 230.4 billion dirhams between January and September compared to the previous year, the regulator said in a monthly report.
The trade gap is partly due to a 38.6 percent surge in energy imports that rose to 51.5 billion dirhams.
The automotive sector topped Morocco’s industrial exports at 58.3 billion dirhams, up 16.4 percent, while exports of phosphates and byproducts, including fertilizers, rose 44.6 percent to 54.8 billion dirhams.
Remittances from Moroccans living abroad, crucial to the country’s hard currency inflows, rose 42.5 percent to 71.8 billion dirhams, offsetting a drop in tourism receipts to 24.7 billion dirhams, down 6 percent.
Foreign currency reserves are projected to stand at 335 billion dirhams ($37 billion) this year, enough to cover seven months of imports, according to central bank data.