HCP: Morocco’s Foreign Trade Indices Increased in First Quarter of 2022

Casablanca - During the first quarter of this year, Morocco’s import and export unit value indices climbed by 26.7 % and 25.2% respectively, year on year, according to a new report on foreign trade indices (ICE) by the Moroccan High Commission for Planning (HCP). 

According to the report, the change in the import unit value index is mostly attributable to a 62.1% increase in the unit values of energy and lubricants and a 36.8% value increase for semi-finished products. 

Meanwhile, said the HCP report, the unit values of food, beverages and tobacco saw a 28.4% increase, finished consumer products registered a 13.2% increase, raw products of mineral origin rose by 65.9%, and the value of finished industrial equipment products experienced an increase of 8.3%.

It noted, however, that the rise in the index of unit values for export was mostly due to a significant increase in unit values of semi-finished products (90.6%), raw products of mineral origin (55%), raw products of animal and plant origin (51.9%), and finished consumer products (6%).

According to HCP, the average value indices for food, drinks, and tobacco as well as finished agricultural equipment declined by 1.5% and 3.8% respectively, offsetting the gain in the worldwide export index.

The HCP report also announced the adoption of 2019, instead of 2012, as the new base year for the foreign trade indices (ICE).

In addition to the change of the base year, the new ICE entails the consideration of the existing structure of international commerce and the improvement of the calculating process, which will be in compliance with the most recent guidelines and international practice. These new indices will be published on HCP’s website, the report added.

Source:  Morocco World News