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Moroccan Exports Stand Above the Global Trade AverageWednesday, October 14, 2015 > 12:19:50
(Morocco World News)
According to the 2015 commerce report by the United Nations Conference on Trade and Development (UNCTAD) published last week, Moroccan exports stand above the world trade average.
Global trade is in the midst of a decline, recording a minimal growth of 0.3 percent in 2014. However, the UNCTAD’s report registered a “significant growth” in Morocco’s export of goods, along with Tunisia.
South Africa, known for its economic power, suffered a drop of 13.4 percent in its exports of primary products, mainly to Asia, in 2014.
The UN commerce report distinguished Morocco apart from other developing countries. The Kingdom’s foreign trade revealed “a darker image” than in previous years.
African exports have plummeted across the continent, mostly due to the decline in Libyan oil exports, the report said.
In addition, Nigerian oil exports to the U.S. came to a halt in 2014 over the “shale revolution” in which the U.S. is exploring new technologies for increasing its domestic oil production.
As a result, Nigeria was forced to export to China, India, Japan, and Korea, according to Morocco’s daily Le Matin.
The UN organization reported that global trade experienced a significant economic crisis in 2008.
Previous to the crisis, between 2003 and 2007, world trade registered an annual average growth of 7.2 percent. Following the 2008 crisis, between 2012 and 2014, global trade volume fluctuated between 2 and 2.6 percent, according to previous UNCTAD reports.
The commerce report attributed the significant decline in exports in 2014 to a drop in key commodity prices worldwide.
Preliminary figures for 2015 estimate an even slower growth in the volume of global goods trade, which could prove insufficient for economic growth, the UNCTAD noted.