Morocco's Trade Deficit Widens Significantly Amid Rising Imports

The Growing Trade Deficit of Morocco

Morocco's trade deficit continues to expand, reaching a staggering 244.69 billion dirhams (MAD) by the end of July 2026. This figure marks a significant increase of 26.5% compared to the same period in 2025, as reported by the Office of Foreign Exchange. The primary reason for this deterioration is the notably faster growth in imports compared to exports. Specifically, Morocco's overseas purchases surged by 15.9%, amounting to an additional 74.48 billion dirhams, culminating in total imports of 544.045 billion MAD.

In contrast, the growth of exports was comparatively modest, rising only by 8.4% with an increase of 23.17 billion dirhams, reaching 299.34 billion MAD. This imbalance has resulted in a decline of 3.8 percentage points in the coverage rate, which now stands at 55%.

Significant Increase in Energy Costs

The rise in imports encompasses several major categories of products, with raw materials witnessing the most dramatic increases, soaring by 52.2% to 36.94 billion MAD. Additionally, the energy bill has also increased significantly, climbing by 29.1% to 81.20 billion MAD. Furthermore, imports of capital goods rose by 20.8%, totaling 133.20 billion MAD, while imports of finished consumer products grew by 12.3%, reaching 129.87 billion MAD. Purchases of semi-finished goods and food products also saw increases of 4.3% and 3%, respectively.

On the export side, growth is predominantly driven by the automotive and aerospace sectors. Automotive sales increased by 14.9%, reaching 107.14 billion MAD, while aerospace exports grew by 19.7% to 20.56 billion MAD. However, these gains were partially offset by declines in several other export sectors. Notably, phosphate and its derivatives saw a decrease of 7.8%, textile and leather exports fell by 5.5%, and the electronics and electricity sector experienced a decline of 2.9%.

Despite these challenges, the services trade provides a counterbalance to the weakening goods balance. The surplus in the services balance has risen by 13.2%, reaching 95.48 billion MAD by the end of July. This improvement is attributed to a simultaneous increase in service exports, which grew by 13.1% to 193.38 billion MAD, alongside a 12.9% rise in imports, reaching 97.90 billion MAD.

The data from the Office of Foreign Exchange illustrates a contrasting dynamic in Morocco's foreign trade. While the automotive and aerospace sectors continue to bolster exports, their growth is insufficient to offset the soaring imports, particularly in the energy and industrial sectors.

As reported by leconomistemaghrebin.com.