The trade deficit at current prices was reduced by 53.5%, in November 2023, to 929.3 MD, while it reached 2000.8 MD in October 2023, said, Thursday, the National Institute of Statistics (INS).
The coverage rate increased by 13.8 points compared to October, reaching 85.4%, the INS mentioned in a note on Foreign Trade at Current Prices (CVS-CEC) of November 2023.
In November, trade experienced contrasting developments. Exports recorded a significant monthly increase of 7.7%, while imports decreased significantly by 9.7%.
Excluding energy products, exports increased slightly by 1.1%, while imports fell sharply, recording a decline of 11.7%.
According to the INS, the energy sector contributed significantly to the growth of exports, accounting for more than 80% of this increase thanks to an increase of 118.5%.
However, excluding energy products, the increase in exports was more modest, reaching only 1.1%.
The textile, clothing and leather sector posted notable growth of 5.9%, mainly thanks to clothing and accessories products. The mechanical and electrical industries also contributed to this trend with a 2.1% increase in their exports.
On the other hand, the agriculture and agri-food sector recorded a decline of 5.2% in November, marking a third consecutive month of decline. Mining exports fell by 8.4% and those of other manufacturing industries by 0.5%.
Remarkable increase of 22.7% in exports to the EU
Exports to the European Union posted a remarkable increase of 22.7%. Italy recorded the largest increase (+72.6%), mainly thanks to energy products. Significant increases were also observed with France (+17.2%) and Belgium (+12.9%), while exports remained stable to Germany (-0.2%) and fell to Spain (-17.5%).
As for the Maghreb countries, exports increased by 8.9%, mainly to Algeria (+36%), while they decreased by 54.3% to Egypt.
Conversely, declines in exports were recorded with the United Kingdom (-44.7%), Switzerland (-31.7%) and Russia (-20.9%).
On the other hand, the INS explained that the sharp decline in food imports (-44.2%), contributed to more than half of the general drop in imports. This decline is mainly explained by a decrease in wheat imports, after the increase observed the previous month.
Capital goods also contributed to this downward trend, recording a decline of 16.7% after having marked a sharp increase in October. Consumer goods fell by 6.8%, mainly due to a decrease in our vehicle imports.
On the other hand, imports of raw materials and energy remained stable (respectively +0.1% and +0.2%).
EU imports remain almost stable (-0.1%), due to declines observed from Italy (-7.5%), Germany (-3.1%) and the Low (-23.7%), partially offset by increases in imports from France (+11.3%) and Spain (+7.1%).
At the same time, imports from Maghreb countries saw a significant increase of 90.4%, particularly from Algeria (+111.7%, mainly gas imports).
On the other hand, imports fell from China (-5.4%), Russia (-58.9%, mainly energy products), and Turkey (-48.8%, mainly wheat).
