Moroccan citrus producers are worried by the devaluation of the Russian rouble. The 60% decrease in value of the rouble since the start of the year will have a negative impact on commerce between the two nations.
Rabat is Moscow’s second biggest commercial partner on the African continent and primarily exports citrus and fishery products to Russia. According to an exporter, “the Russian partners offer low prices, even less than the cost price. The second risk is that producers will struggle to receive payment due to the crisis. If we increase the prices, people won't buy our products”.
Whilst the fears of Moroccan producers are justified, the whole Moroccan citrus sector could suffer, following their quarrel with Brussels on exports to the EU, Moscow was a good outlet for Moroccan production. Morocco is not threatened by European competition on this market due to the Russian sanction on Western agrifood.
On the 15th December the rouble lost 9.5% of it’s value which is the biggest decrease recorded for the currency since 1998.