Rabat, Feb. 2, 2009 (MAP)- Phosphates and derivatives continue to drive Morocco's exports up, standing at MAD 51.4 bln ($5.9 bln) in 2008, that is 33.4% of the overall commodity exports which reached MAD 154 bln ($17.8 bln), according to Morocco's exchange rate monitoring body (the Office des Changes).
The exports of these products have more than doubled, moving from MAD 22.3 bln ($2.5 bln) in 2007 to MAD 51.4 bln ($5.9 bln) last year, owing to the spike in prices on the international market, the body said in its monthly indicators of Morocco's external trade for the year 2008.
The average phosphates price has trebled to stand at MAD 1,497 ($173) per tonne, up from MAD 437 ($50.5) per tonne, between 2007 and 2008.
Morocco's exports other than phosphates and derivatives have only risen by 1%, standing at MAD 102.6 bln ($11.84 bln).
The phosphoric acid exports witnessed the same upward trend, jumping from MAD 9 bln ($1.04 bln) to approximately MAD 23 bln ($2.66 bln). This is traced back to the fact that the average price of the phosphoric acid has more than tripled, moving from MAD 4.004/T ($ 463) to MAD 14.080/T ($ 1,628).
Natural and chemical fertilizers exports have also gone up by 49.3%, worth some MAD 10.77 bln ($1.24 bln).
As far as services exports are concerned, they slightly increased by 0.6% on the previous year, netting around MAD 98.8 bln ($1.43 bln).
As regards imports, they have risen by 23.9%, standing at MAD 321.8 bln ($37.20 bln) at the end of 2008.
The trade balance of goods and services posted, by late 2008, a deficit of MAD 98.9 bln ($11.42 bln), an increase of 64.4%.
France, the first partner of Morocco, contributes 17.8% to the overall trade transactions of the kingdom, followed by Spain (12.5%), Italy (5.8%), Saudi Arabia (4.9%) and the United States (4.5%).
The exports of these products have more than doubled, moving from MAD 22.3 bln ($2.5 bln) in 2007 to MAD 51.4 bln ($5.9 bln) last year, owing to the spike in prices on the international market, the body said in its monthly indicators of Morocco's external trade for the year 2008.
The average phosphates price has trebled to stand at MAD 1,497 ($173) per tonne, up from MAD 437 ($50.5) per tonne, between 2007 and 2008.
Morocco's exports other than phosphates and derivatives have only risen by 1%, standing at MAD 102.6 bln ($11.84 bln).
The phosphoric acid exports witnessed the same upward trend, jumping from MAD 9 bln ($1.04 bln) to approximately MAD 23 bln ($2.66 bln). This is traced back to the fact that the average price of the phosphoric acid has more than tripled, moving from MAD 4.004/T ($ 463) to MAD 14.080/T ($ 1,628).
Natural and chemical fertilizers exports have also gone up by 49.3%, worth some MAD 10.77 bln ($1.24 bln).
As far as services exports are concerned, they slightly increased by 0.6% on the previous year, netting around MAD 98.8 bln ($1.43 bln).
As regards imports, they have risen by 23.9%, standing at MAD 321.8 bln ($37.20 bln) at the end of 2008.
The trade balance of goods and services posted, by late 2008, a deficit of MAD 98.9 bln ($11.42 bln), an increase of 64.4%.
France, the first partner of Morocco, contributes 17.8% to the overall trade transactions of the kingdom, followed by Spain (12.5%), Italy (5.8%), Saudi Arabia (4.9%) and the United States (4.5%).
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