Precious Metals: Swiss Purchases in Morocco Surge by 85%

Swiss Imports of Precious Metals from Morocco Surge in 2026

Swiss imports of precious metals from Morocco have seen a significant increase during the first nine months of 2026, reaching nearly 279 million Swiss francs, or approximately 3.33 billion dirhams. According to statistics from the Federal Office of Customs and Border Security (FOCBS), this rise of 85.3% largely accounts for the spike in Swiss purchases from the kingdom and contributes to flipping the bilateral trade balance in Morocco’s favor.

Between January and September 2026, the value of precious metals imported from Morocco totaled 278.94 million Swiss francs, up from 150.56 million during the same period in 2025. This growth represents an increase of 128.38 million Swiss francs, even as the reported quantities saw a slight decline.

The net weight of goods imported fell from 157.8 tons to 157.07 tons, reflecting a decrease of 0.46%. The disparity between value and volume indicates a notable rise in the average customs value of the imported products, likely influenced by fluctuations in international prices, as well as the characteristics and composition of the shipments.

Precious Metals Make Up Over Half of Swiss Imports

Overall, Swiss purchases from Morocco reached 485.90 million Swiss francs in the first nine months of 2026, equivalent to approximately 5.8 billion dirhams. This figure marks a 37.4% increase compared to the 353.77 million Swiss francs recorded a year earlier.

Out of the additional 132.13 million Swiss francs generated by Swiss imports from Morocco, 128.38 million derive from precious metals. This category now constitutes 97.2% of the total increase in Swiss purchases from the kingdom.

The share of precious metals in the total imports from Morocco rose from 42.6% during the first nine months of 2025 to 57.4% in the corresponding period of 2026. Precious metals have thus become the primary driver of the growing trade exchange between the two countries.

Strong First Half, Followed by a Slowdown

Quarterly trends show a pronounced increase during the first half of 2026. From January to March, the value of Moroccan precious metals imported by Switzerland reached approximately 114.43 million Swiss francs, up 142.5% year-on-year.

This trend continued into the second quarter, with purchases valued at 97.50 million Swiss francs, reflecting a growth of 116.3% compared to the same period in 2025.

However, the third quarter saw a marked slowdown. From July to September, Swiss imports of precious metals from Morocco amounted to 67 million Swiss francs, representing only a 14.9% increase. This contrasts sharply with the over 100% growth observed in the two preceding quarters.

Monthly data underscores the extent of these fluctuations. In January, purchases reached 33.23 million Swiss francs, up 171%. They peaked at 46.20 million in February, marking a 210.5% increase, before dropping to 35.01 million in March, still up 74.7%.

In April, imports surged to 32.84 million Swiss francs, representing a 341.4% increase compared to April 2025. Subsequently, they rose to 33.87 million in May and 30.79 million in June, registering respective increases of 74.8% and 68.6% year-on-year.

During the summer, purchases totaled 22.85 million Swiss francs in July, followed by 32.34 million in August. Annual growth rates remained positive at 65.5% and 52.9%, respectively.

However, September marked a turning point in this trend. Swiss imports of Moroccan precious metals fell to 11.81 million Swiss francs, down from 23.33 million the previous year, equating to a 49.4% decrease.

Average Value of Imported Goods Shows Significant Increase

The decline noted in September was also reflected in quantities. The net weight of precious metals imported from Morocco fell from 23.63 tons in September 2025 to 7.26 tons in September 2026, representing a drop of 69.3%.

Over the first nine months, the average declared customs value increased from approximately 954 Swiss francs per kilogram in 2025 to 1,776 Swiss francs in 2026, marking an 86.1% rise.

This metric corresponds to the ratio of the total declared value to the net weight of the goods. It does not necessarily serve as a direct measure of the market price of a given metal. Its evolution may also reflect differences in the nature of the imported products, their composition, and their degree of processing.

The cumulative increase in import value should thus be interpreted in light of these factors, while the decline observed in September highlights the irregular nature of trade flows throughout the year.

Other Sectors Experience More Modest Growth

Outside of precious metals, Swiss imports from Morocco have progressed at a much slower pace. According to the total conjunctural indicator used by Swiss authorities, which notably excludes gold bullion, certain other precious metals, currency, gemstones, and art objects, these purchases reached 206.84 million Swiss francs in the first nine months of 2026, compared to 203.10 million a year earlier, resulting in a rise of just 1.84%.

Clothing remains one of the main categories of Swiss imports from Morocco, with purchases amounting to 83.51 million Swiss francs, an increase of 2% compared to the same period in 2025.

Foodstuffs, beverages, and tobacco experienced a slight decline to 57.44 million francs, down from 57.78 million a year prior. In contrast, imports of road vehicles grew by 12.9%, reaching 30.93 million Swiss francs.

Electrical and electronic equipment saw an increase of 2.8%, totaling 9.07 million Swiss francs. The aerospace sector, however, followed the opposite trend, with Swiss imports from Morocco decreasing by 16.9% to 7.18 million Swiss francs.

These figures highlight contrasting trends in trade across different sectors. While road vehicles are on the rise and clothing and electronics show modest increases, food products and aerospace equipment have experienced a downturn.

Trade Balance Shifts in Favor of Morocco

While Swiss purchases from Morocco have risen, Swiss exports to the kingdom have followed a contrary trajectory. Between January and September 2026, they decreased by 11.3%, from 368.18 million to 326.61 million Swiss francs.

This decline represents a drop of 41.57 million francs year-on-year. Combined with the increase in Swiss imports from Morocco, it has significantly altered the bilateral trade balance.

During the first nine months of 2025, Switzerland still enjoyed a trade surplus of 14.41 million francs with Morocco. In the corresponding period of 2026, Swiss customs statistics now show a deficit of 159.29 million francs, or approximately 1.9 billion dirhams, in favor of the kingdom.

This outcome should be understood in the context of the accounting method used by Swiss authorities. The data may differ from that published by Moroccan customs, particularly due to rules concerning the valuation of goods, their origins, and registration.

Bilateral Trade Rises by 12.5%

In total, goods trade between Switzerland and Morocco reached 812.51 million Swiss francs in the first nine months of 2026, compared to 721.95 million during the same period in 2025. This 12.5% increase signals an intensification of bilateral trade, though with very different developments in the two commercial streams.

The surge in Swiss purchases is primarily attributable to precious metals, while Swiss exports to Morocco are on the decline. This scenario explains the shift from a Swiss surplus to a trade deficit in FOCBS statistics.

For Morocco, these results underscore the growing significance of precious metals in its sales to Switzerland. They further emphasize that the increase in the value of trade does not necessarily equate to a rise in quantities exported and that thorough analysis must account for the composition of goods, their valuation, and the evolution of other sectors.