Morocco's trade deficit narrowed in the first quarter of 2021 by 11.2 percent year on year to over 5.05 billion U.S. dollars, the country's foreign exchange regulator said, Trend reports citing Xinhua.
According to its report, Morocco's imports increased by 2.6 percent to 13.75 billion dollars in the first three months this year, while exports surged by 12.7 percent to 8.7 billion dollars.
The rise in imports is due to hikes in raw materials of 11.6 percent and equipment of 9 percent, it said.
The increase in exports was pushed by hikes of 21.7 percent in phosphate, 12.7 percent in textile products and 38 percent in car industry products, the report added.