Foreign Trade – A 5.8% Decline in Import Unit Values in Q3 2025

According to data released by the High Commission for Planning (HCP), Morocco’s import unit value indices fell by 5.8% in the third quarter of 2025. This decline reflects an overall easing of international purchasing costs, driven by reductions in several strategic categories.

Significant Decrease in Industrial and Semi-Finished Goods (−8.7%)

The observed decline is primarily attributed to an 8.7% drop in unit values for finished industrial equipment and semi-finished products. This trend indicates a recalibration of prices for industrial inputs amid increased competitive pressure in global markets.

Sharp Drop in Energy and Lubricants Indices (−11.6%)

The indices for energy and lubricants show the most significant contraction, falling by 11.6%. This confirms a relaxation of prices for imported energy products during this period, contributing to a decrease in the kingdom’s energy bill, particularly for heavy fuel oil and industrial fuels.

Moderate Retreat in Consumer Goods

Finished consumer products registered a decline of 3.1%, while indices for food, beverages, and tobacco decreased by 3.8%. Raw animal and plant products fell by 2.3%, indicating a gradual stabilization of agricultural commodity prices.

Slight Increase of 0.4% in Export Unit Values

Conversely, export unit value indices rose by 0.4% in Q3 2025, supported by a significant increase in semi-finished products (+10.7%) and raw mineral products (+4.1%). This uptick reflects an enhancement in the valuation of Moroccan exports, particularly in processed inputs and mineral resources.

Decline in Average Values Across Several Segments

However, several segments experienced a decrease in average export values, notably:

• Industrial Equipment: −4.2%
• Finished Consumer Products: −1.6%
• Food, Beverages, and Tobacco: −3%
• Energy and Lubricants: −22.3%
• Raw Animal and Plant Products: −17.3%

These declines somewhat mitigated the overall export index growth, despite the positive momentum observed in semi-finished products and minerals.

A Positive Signal for Morocco’s Trade Competitiveness

Overall, these developments illustrate:

• ✔ A notable easing of import prices, beneficial for production costs,
• ✔ An improved valuation of certain exports, particularly in industrial and mining sectors,
• ✔ An evolving commercial environment that necessitates ongoing efforts in competitiveness and market diversification.