In January, Exports Rate Increased 10% From The Previous Year
Data from the foreign currency regulator indicated on Thursday that Morocco’s trade rate imbalance grew 56.5% to 311 billion dirhams ($30.6 billion) in 2022, driven primarily by higher energy expenses. Exports grew 30% to 426 billion dirhams while imports rose 40% to 737 billion dirhams from a year earlier, the regulator reported in a monthly report.
The cost of importing wheat increased 81% to 25 billion dirhams as a result of the worst drought in decades, while Morocco’s energy bill increased the greatest, by 104%, to 153 billion dirhams. The world’s largest producer of phosphates, Morocco reported an increase in exports of the mineral and its derivatives, such as fertilizers, of 44% to 115.4 billion dirhams. With 111 billion dirhams, up 33%, the car industry took the lead in industrial exports.
The tourism industry’s earnings more than doubled to 91 billion dirhams, indicating a rapid rebound from the COVID-19 pandemic’s effects. Remittances from Moroccans living abroad reached a new record of 109 billion dirhams, or an increase of 16.5%, and are crucial to Morocco’s influx of hard income.
According to Trade Minister Mehmet Mus, Turkey’s exports increased 10.4% year-over-year to $19.4 billion in January. Meanwhile, imports totaled $33.7 billion during the same time because of significant energy and gold purchases.
Speaking in Ankara, Mus noted that imports of gold climbed by 733% and those of energy by 238% in the first month of the year, reaching $8.8 billion and $5.1 billion, respectively. Based on calculations by Reuters using statistics from the trade ministry, Turkey’s trade imbalance increased by about 37% year-over-year in January to $14.3 billion.
The central bank of Albania maintains its key rate at 2.75%
In light of recent data showing that inflation is dropping and economic activity is increasing, governor Gent Sejko of Albania’s central bank opted to keep its policy rate at 2.75%. According to a statement released by the central bank on Wednesday, interest rates on the overnight lending facility and overnight deposit facility remained at 3.75% and 1.75%, respectively.
Furthermore, according to the most recent information from the national statistical office, Albania’s annual harmonized index of consumer prices (HICP) climbed by 7.5% in December after increasing by 8% in November. After expanding by 2.23% year-over-year in the first quarter, the nation’s GDP expanded by an annual 4.02% in the third quarter of 2022.
“The upcoming quarters are also anticipated to see a continuation of these patterns. The revised predictions, in particular, confirm our expectations that inflation will reach its objective within the first half of 2024 “said Sejko.
As long as the key indices of financial stability remain within bounds, economic growth is anticipated to continue. The governor noted that the central bank anticipates weaker economic growth in 2023, which mostly reflects anticipated foreign demand dynamics and the impact of the base effect.