Trade Deficit: Morocco Reaches 127 Billion Dirhams by End of April 2026, Up 18.4%

Morocco’s Trade Deficit Widens to 127 Billion Dirhams by April 2026

Morocco’s trade deficit has worsened, reaching 127 billion dirhams by the end of April 2026, up from 107 billion dirhams a year earlier—a rise of 18.4%, according to the latest data from the Office of Foreign Exchange. This development highlights an increasing imbalance between the growth of imports and the more moderate increase in exports.

Surge in Imports

Imports soared to 295 billion dirhams by April 2026, marking a 12.7% year-on-year increase. This surge is primarily driven by finished equipment, consumer goods, and raw materials, along with a spike in energy costs.

Particularly notable is the 21.8% jump in equipment imports, propelled by the purchase of aircraft, vehicles, and industrial parts. Consumer goods also saw a rise of 15.2%, while raw materials increased by 48.8%, largely due to significant imports of sulfur and minerals. Additionally, the energy bill has increased by 12% as a result of rising imports of diesel, fuel, and petroleum oils.

Exports on the Rise but Insufficient

Moroccan exports have grown by 8.7%, reaching 168 billion dirhams. However, this increase remains inadequate to offset the dynamic rise in imports.

The automotive sector continues to be the main driver of exports, exhibiting an 18.6% growth, followed by the aeronautics industry at 15.9%. In contrast, phosphate and its derivatives have experienced a slight decline, alongside textiles and leather goods.

Declining Coverage Rate

In this context, the coverage rate of imports by exports has dropped from 59.1% to 57.1% over the past year, indicating a deterioration in the country’s trade balance.

Contributions from Travel and Remittances

Simultaneously, travel revenues have increased to 44.39 billion dirhams, while remittances from Moroccans living abroad have reached nearly 40 billion dirhams, marking a 9.8% rise. These two sources continue to play a significant role in maintaining Morocco’s external account balance.