Speaking during the monthly session of oral questions in the House of Representatives devoted to the theme “the centrality of the foreign trade sector in the advancement of the national economy”, Mr. Akhannouch specified that the value of energy imports in Morocco reached MAD 85.7 billion, down almost 6% at the end of September 2024.
This drop is due in particular to a reduction in demand for coal and a reduction in supplies of petroleum gas and other hydrocarbons, explained the Head of Government.
The total value of imports of raw products amounted to MAD 23.9 billion, down 3.5% at the end of September 2024, reflecting a notable drop in oil imports of around 1. 5 billion dirhams, noted the Head of Government, adding that imports of finished consumer products, conversely, increased by 6.6% to reach around 128 billion dirhams.
Mr. Akhannouch explained this increase by an increase of 6.1% in imports of parts for passenger cars and 16.6% in imports of medicines and pharmaceutical products.
For their part, imports of semi-finished products experienced a notable increase of around 120 billion dirhams, up 8.5%, noted Mr.Akhannouch, noting that this increase essentially follows an increase in prices. purchases of chemical products and iron and steel products, and also an increase in imports of plastic materials (+968 million dirhams).
The increase in certain components of Moroccan imports is due to the recovery of the national economy and the betterment of indicators of the productive sectors, in addition to an increase in demand for various consumer products and semi-finished products, affirmed the Head of Government.
This result, he continued, highlights the government’s continued efforts to improve the performance of the trade balance, through the promotion of national exports and the orientation of economic policies towards financial and commercial sustainability.
Thanks to these efforts, the merchandise coverage rate increased from 57.8% between January and September 2019 to around 60% during the same period in 2024, assured Mr. Akhannouch.
how is the Moroccan government supporting local industries to enhance their role in foreign trade?
Interview: Understanding morocco’s foreign Trade dynamics with mr.Akhannouch, Head of Government
Editor: Welcome, Mr. Akhannouch, thank you for joining us today. Your recent address in the House of Representatives provided valuable insights into Morocco’s foreign trade sector. Can you explain the recent trends in energy imports adn their implications for the Moroccan economy?
Mr. Akhannouch: Thank you for having me. It’s crucial to highlight that Morocco’s energy imports valued at MAD 85.7 billion, have decreased by almost 6% as of September 2024. this reduction primarily stems from a decline in coal demand and a decrease in supplies of petroleum gas and hydrocarbons.This shift not only signals a transformation in our energy consumption patterns but also reflects a broader commitment to sustainability as we seek to diversify our energy sources.
Editor: That’s quite enlightening.coudl you elaborate on the changes in the import of raw products and what those figures suggest about the Moroccan economy?
Mr.Akhannouch: Certainly. The total value of raw product imports has reached MAD 23.9 billion, reflecting a downturn of approximately 3.5%. Specifically, oil imports decreased by about 1.5 billion dirhams, indicating reduced dependency. However, it’s interesting to note that imports of finished consumer products have surged by 6.6%,totaling around 128 billion dirhams. This indicates a robust consumer demand amid a recovering economy, emphasizing that our citizens are more actively engaging with available products.
Editor: The increase in imports of certain consumer products is notable. Could you share more about the industries driving this growth?
Mr. Akhannouch: Absolutely. The increase in imports is fundamentally led by a remarkable rise in car parts imports at 6.1%, alongside a 16.6% jump in medicines and pharmaceutical products. This suggests a growing automotive sector and healthcare needs. Moreover, semi-finished products imports have risen by around 120 billion dirhams, which correlates with price hikes in chemical, steel, and plastic materials. These trends signal both rising consumption and an adaptation to economic recovery.
Editor: Some may wonder, how does the government plan to sustain these positive trade dynamics?
Mr. Akhannouch: We are focused on promoting national exports and orienting our economic policies towards both financial and commercial sustainability. The increase in our merchandise coverage rate from 57.8% in 2019 to around 60% by September 2024 showcases our commitment to bolstering the trade balance. We aim to strengthen local industries which will ultimately benefit the foreign trade sector,leading to more balanced economic growth.
Editor: For readers, what practical advice can you provide to Moroccan businesses looking to optimize their role in this evolving foreign trade landscape?
Mr. Akhannouch: I encourage businesses to focus on innovation and quality to enhance their export capabilities. Leveraging technology can streamline production processes and improve competitiveness in the global market. furthermore, forging partnerships with international firms will help in gaining access to new markets. Lastly, staying informed about global trade trends and adapting to consumer preferences can provide a meaningful edge in this dynamic habitat.
Editor: Thank you, Mr. Akhannouch, for your insightful responses.It’s evident that while challenges remain, Morocco is making strides in its foreign trade sector that can foster economic growth.
Mr. Akhannouch: Thank you for the opportunity.Together, with all sectors working in harmony, I am optimistic about the future of Morocco’s economy and foreign trade landscape.