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)
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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 Edges Up on Weak US Dollar, Political Uncertainty

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
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Gold Edges Up on Weak US Dollar, Political Uncertainty

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters

Gold prices edged higher on Wednesday, aided by a weaker US dollar and political uncertainty following the latest import tariffs announced by US President Donald Trump.

Spot gold firmed 0.1% $2,918.83 an ounce as of 0955 GMT after rising nearly 1% on Tuesday. Prices hit a record high of $2,956.15 on February 24 and have gained 11% so far this year.

US gold futures rose 0.3% to $2,929.70.

"Uncertainty is food and water for gold and hence the bias on prices is to the upside," independent analyst Ross Norman said, Reuters reported.

"Gold looks content to consolidate after recent gains, but with one eye firmly on the $3,000 level."

The dollar index dropped to a three-month low, making bullion more appealing to other currency holders.

In an address to Congress, Trump said further tariffs would follow on April 2, including "reciprocal tariffs" and non-tariff actions aimed at balancing out years of trade imbalances. This came just after he followed through on new 25% tariffs on imports from Mexico and Canada that took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%.

Meanwhile, top bullion consumer China unlocked more fiscal stimulus, promising greater efforts to support consumption and cushion the impact of an escalating trade war with the United States.

Markets now await the ADP employment report due at 1315 GMT and US nonfarm payrolls on Friday for cues on the US interest rate trajectory.

"Geopolitical events and tariffs are currently overshadowing economic data... Significant deviations from market expectations would be needed to create meaningful movement, and any reaction to this week’s ADP and payrolls data is likely to be short-lived," said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver advanced 1% to $32.32 an ounce, platinum gained 1% to $970.20, and palladium added 1% to $951.50.