Morocco’s phosphate export increases
Economy – Morocco earned 4.26 billion dirhams (1 euro = 11.07 dirhams) from phosphate export in the first four months of this year, an increase of 15.7 percent over the 3.68 billion dirhams earned during the same period in 2011, according to the State-owned Foreign Exchange Office (FEO).
However, export of phosphate derivatives dropped by 1.6 percent, from 10.52 billion dirhams in 2011 to 10.35 billion dirhams this year, the latest Moroccan foreign trade indicators, published by the FEO which is under the supervision of the Finance Ministry, said.
Morocco, the world’s largest producer of phosphates, has three-quarters of the world’s reserves.
Revenues generated from phosphate export and tourism as well as remittances by Moroccan immigrants are the country’s main sources of foreign exchange.