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Morocco's Exports Of Phosphate Drops 12 Per Cent In H1 2014Friday, July 18, 2014 > 08:53:55
Morocco earned 17.55 billion dirhams (about US$2.13 billion) from exports of phosphate, the country's leading export commodity, in the first half of this year, according to the Foreign Exchange Office (FEO).
This is a decline of 12.1 per cent from the 19.98 billion dirhams earned during the same period of 2013, the FEO said in a report Wednesday on the foreign trade for the month of June 2014.
Morocco, the world's largest producer of phosphates, has three-quarters of the world's reserves of the mineral.
Revenues generated from phosphate exports and tourism as well as remittances by Moroccans abroad are the country's main sources of foreign exchange.