Moroccan citrus exports ?disappointing?

Moroccan citrus exports ôdisappointingö    The Moroccan citrus export season for 2008-2009 has been 'disappointing,' with an estimated 469,000 tons, a decline of 15 percent compared to last season and 28 percent below the Moroccan government's target for the year, according to a report by the U.S. Department of Agriculture's Foreign Agricultural Service.
   The report attributed the drop in Morocco's orange exports this year to bad weather and flooding during harvest, and to the sharp reduction in demand by importing countries such as Russia.
   'With export contracts made in U.S. dollars, analysts attribute much of the decline in Moroccan citrus sales to Russia, which absorbs about 50 percent of Morocco's exports, to a sharp decline in the value of the Russian ruble against the Moroccan dirham during the export season,' the USDA agency said.
   Moroccan citrus exports to the European Union also fell this year. In addition to the exchange rate impact, there was some decreased demand from European customers in general, as well as reluctance by some banks to open lines of credit for Moroccan citrus buyers, report added.