Morocco's exports tumbled 32 percent in the first two months of 2009 and a drop in energy prices slashed its fuel import bill, leaving the north African country's trade deficit little changed, Reuters quoted the government as saying. Imports fell 16 percent to 40.9 billion dirhams ($4.90 billion) as the price of imported crude oil halved from the first two months of 2008, the government's Exchange Office said on its Web site. Exports totalled 16.4 billion dirhams. Morocco is the only north African country with no oil and buys in almost all its energy needs. The trade deficit was 24.4 billion dirhams and the current account showed a surplus of 1.74 billion dirhams, up from a deficit of 3.83 billion at the end of February 2008. The drop in exports was led by phosphates which tumbled 60 percent as world prices of phosphate-based fertilizers tumbled and the state-owned industry slashed export volumes. Exports in other sectors such as electric cables, textiles, and electronic components fell a combined 25 percent. Moroccan industry relies heavily on trade with the recession-hit euro zone, where consumers have tightened their belts and factories have cut output.
