Morocco: Oil price dividend

The positive impact on oil importers of the slump in crude prices since H2 2014 is visible in recently published Moroccan data, which show the trade deficit narrowing by 25.3% in January-May, compared to the corresponding period of 2014. The preliminary trade figures record crude oil imports down by 54% year on year and refined products falling by 29.1%. Exports rose by 5.8%, driven by a strong rise in phosphate sales (up 22.3%); Morocco is also benefiting from an improved agricultural performance and growth in some newer industries, such as automobiles (with exports up 11% in January-May).