Morocco's trade deficit jumped 25 percent in the first five months of the year fuelled by higher oil and wheat import bills, according to official data on Thursday. Tourism receipts and migrant remittances also rose, the report from the Office des Changes foreign exchange regulatory authority showed, mitigating the potential impact on the availability of foreign currencies. The trade deficit stood at 76.5 billion dirhams (US 9.7bn) in the five months to end-May versus 61.2 billion dirhams (US 7.7bn) a year earlier, it said. Central bank governor Abdellatif Jouahri said on Tuesday the country's foreign currency reserves covered only 6 months of import needs versus 7 months a year earlier. Exports rose 22.3 per cent to 69.87 billion dirhams spurred mainly by a 50 percent increase in the sales' value of phosphates and its by-products such as fertilisers and rising exports of clothing, electric cables and silver. Imports rose 23.7 percent to 146.44 billion dirhams as average prices of oil and wheat rose respectively 31 and 66 percent compared with the January-May period of last year. Morocco, which has no oil or gas of its own and is one of the world's top ten wheat buyers, spent 11.92 billion dirhams on 1.94 million tonnes of crude and 6.83 billion dirhams to buy 2.24 million tonnes of wheat in the first five months of 2011. Compared with their level a year earlier the volume of crude oil purchases fell 4.7 percent while the volume of wheat imports rose 43 percent, the data showed. Morocco buys most of its oil from Saudi Arabia while most of its wheat imports come from France. Tourism receipts and transfers be Moroccan migrants abroad rose respectively 8.3 and 6.8 per cent to 20 billion and 21.68 billion dirhams, Office des Changes data showed. Put together, tourism and migrants generate more than twice the value of the country's exports of phosphates and its by-products. Private foreign loans and investment stood at 8.41 billion dirhams by end-May, down 9 per cent from a year earlier. (US dollar = 7.9 dirhams)
