Morocco’s Trade Deficit Continues to Rise, Reaching Over 159 Billion Dirhams in Early 2026

Morocco’s trade deficit has seen a significant increase in the first five months of 2026, surpassing 159 billion dirhams, marking a 20.8% rise compared to the same period last year. This development is primarily attributed to a growth in imports that outpaced exports, according to the latest data released by the Office des Changes.

By the end of May 2026, merchandise imports reached 370.5 billion dirhams, showing an 11.8% increase year-on-year. Meanwhile, exports amounted to 211.41 billion dirhams, reflecting a more modest rise of 5.8%.

This difference in growth rates has led to a decline in the coverage rate of imports by exports, which stood at 57.1%, a decrease of 3.2 points from the previous year.

Imports Driven by Energy Products and Capital Goods

The rise in imports is mainly driven by raw products, with purchases skyrocketing by 42.5% to 24.15 billion dirhams.

Imports of energy and lubricants also increased by 20.7%, reaching 55.18 billion dirhams, while capital goods saw an 18.7% rise, totaling 89.92 billion dirhams.

Finished consumer goods increased by 10.8%, amounting to 89.3 billion dirhams, while semi-finished products remained fairly stable, showing a slight increase of 0.2% to 70.76 billion dirhams. Conversely, imports of food products dropped by 2.4%, settling at 40.16 billion dirhams.

Automotive and Aeronautics Support Export Performance

Despite the widening trade deficit, several industrial sectors continue to exhibit robust export performance.

The automotive sector remains the main driver of Moroccan exports, generating 77.05 billion dirhams—a growth of 15.9%.

Similarly, the aerospace industry continues its upward trajectory, with exports reaching 13.85 billion dirhams, reflecting a growth of 14.2%.

Conversely, several sectors experienced reductions in their international sales, notably textiles and leather (-9.1%), electronics and electricity (-9.8%), as well as the phosphates and derivatives sector, which saw exports decline by 11.2%.

Increasing Service Surplus

In parallel, the services balance continues to show positive trends. Its surplus has risen by 11.1% to reach 64.3 billion dirhams.

Service exports have increased by 10.6%, amounting to 130.9 billion dirhams, while service imports also rose by 10.1%, settling at 66.6 billion dirhams.

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