The High Commission for Planning (HCP) revealed in an informational note on foreign trade indices, issued on Friday, that the volume of fuels and energy materials imported by Morocco decreased by over 13% within one year, leading the declines among all import categories.
The note, the first of its kind since Chakib Benmoussa, former Minister of National Education, Preschool, and Sports in Aziz Akhannouch’s government, took office, stated that the import price index decreased by 1.6% during the third quarter of 2024 compared to the same period in 2023.
According to the report, this development was mainly due to a 13.1% decrease in the average values of the energy and lubricants group, which includes fuels. This indicates that Morocco has reduced its reliance on imported oil and gas from the international market over the past year.
Data from the Indices and Statistics Division of the HCP shows that Morocco, seeking to lower its energy bill by relying on locally produced alternative energy, recorded a 6.6% drop in energy and lubricants imports between July and August, and a 2.7% drop between August and September 2024.
Industrial equipment materials saw a 4% decline, while food products, beverages, and tobacco decreased by 4.5%. Meanwhile, the price index for imports classified as raw materials of animal and vegetable origin dropped by 7.3%.
Conversely, the indices for intermediate products, consumer goods, raw materials of mineral origin, and agricultural equipment recorded increases of 7.4%, 3.3%, 0.8%, and 2.3%, respectively. These increases helped mitigate the overall decline in the import price index.
As for the export price index, it recorded a 0.5% increase during the third quarter of 2024 compared to the same period in the previous year. This growth was mainly driven by a 7.2% rise in the average values of intermediate products and a 3.3% increase in energy and lubricants.
On the other hand, the export price index showed decreases in several categories: food products, beverages, and tobacco by 4.8%; raw materials of mineral origin by 12.5%; industrial equipment materials by 2.2%; consumer goods by 0.5%; raw materials of animal and vegetable origin by 11.2%; and agricultural equipment materials by 11.0%.
