Morocco's Phosphate Exports Reach $2.45 Bn

Heavy machinery is seen at a phosphate mine at the Boucraa factory of the National Moroccan phosphate company (OCP) (File photo: Reuters)
Heavy machinery is seen at a phosphate mine at the Boucraa factory of the National Moroccan phosphate company (OCP) (File photo: Reuters)
TT

Morocco's Phosphate Exports Reach $2.45 Bn

Heavy machinery is seen at a phosphate mine at the Boucraa factory of the National Moroccan phosphate company (OCP) (File photo: Reuters)
Heavy machinery is seen at a phosphate mine at the Boucraa factory of the National Moroccan phosphate company (OCP) (File photo: Reuters)

Morocco's exports of phosphate and derivatives reached $2.45 billion at the end of March, according to recent data from the Foreign Exchange Office (FEO).

The Office indicated that Morocco's phosphate exports almost doubled as of March 2022 compared to the same period in 2021, when the number reached $1.35 billion.

It attributed the change to the increase in natural and chemical fertilizers sales.

Exports of the agriculture and food industry sector amounted to $2.44 billion compared to $2.13 billion during the same period last year, a 14.9 percent increase.

The Office attributed the development to the "simultaneous increase in sales of the food industry (+27.4 percent) and agriculture, forestry, and hunting (+5.7 percent)."

Textile and leather exports rose 32.3 percent during the first quarter of this year, the highest level during the past five years, while aviation sales increased 53 percent to $517 million, compared to $3.38 million a year ago.

The Office reported that remittances from Moroccans living abroad exceeded $2.29 billion during the first three months of 2022, an 8.3 percent increase compared to last year's same period.

The FEO also reported that Morocco's trade deficit widened 43 percent to $6.56 billion, with imports rising 34 percent, while exports increased 29 percent from January to March compared to the previous year.

Meanwhile, the High Commission for Planning announced that the unemployment rate dropped 0.4 percent, falling from 12.5 to 12.1 percent.

Urban areas registered a decrease in the unemployment rate from 17.1 percent in Q1 2021 to 16.3 percent in the same period in 2022. Rural areas recorded a slight decline of 0.2 percent, from 5.3 percent in Q1 2021's to 5.1 percent in the same period in 2022.

The unemployment rate among Moroccan women also fell by 0.2 percent, from 17.5 percent in Q1 2021 to 17.3 percent in Q1 of 2022.



Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.