In detail, imports recorded a drop of 4.3% or -5.3 billion DH going to 118.4 billion DH at the end of March 2020 against 123.7 billion dirhams for the same period of 2019. Similarly, the exports fell by 10.5% or -8 billion DH reaching a value of 68.3 billion DH in 2020 against 76.3 billion DH a year earlier.
Decrease in current transactions under the Covid-19 effect
At the level of the current account, the results of the balance of payments for the first quarter of 2020 reveal an increase in the deficit in the current account of 42% to stand at -9.8 billion DH against -6 , 9 billion DH at the end of March 2019.
The Exchange Office explains this development as much by the worsening of deficits for the exchange of goods (-3.1 billion DH) and primary income (-0.4 billion DH) as by the fall in the surplus of the secondary income (-0.5 billion dirhams), despite the improvement in the services surplus up to 1.1 billion dirhams. In addition, the volume of current transactions decreased by 10.7 billion DH as a result of the Covid-19 health crisis, which stood at 251.8 billion DH against 262.5 billion DH at the end of March 2019 and 255.3 Bn DH at the end of March 2018. This decline in current transactions occurs for the first time due to the simultaneous fall in current receipts (-6.8 bn DH) and current expenditure (-3.9 bn DH).
DH 7.8bn increase in reserve assets
In terms of international investments, at the end of March 2020, “the global external position, which reflects the economic situation of the Moroccan economy vis-à-vis the rest of the world, highlights a net debt position of 728.3 billion DH against – 765.5 billion DH at the end of December 2019, thus recording a reduction in its balance by 37.1 billion DH ”reveals the Exchange Office which attributes this situation to the drop in outstanding financial commitments (-18.9 billion DH) and the increase outstanding financial assets (+ DH 18.2 billion).
“The fall in financial commitments is a consequence of the drop in direct investment outstandings by DH 26.5 billion and, to a lesser extent, the fall in portfolio investment outstandings (- DH 3.2 billion). And this at a time when “the increase in financial assets is mainly explained by the increase of DH 7.8 billion in reserve assets, of DH + 6.8 billion in outstandings of the“ other investment ”components and of DH + 2.3 billion outstandings of Moroccan direct investments abroad ”, we specify from the same source.