Foreign Trade: Morocco’s Trade Deficit Exceeds 159 Billion Dirhams by the End of May 2026
Morocco’s External Trade Shows Mixed Results as of May 2026
As of the end of May 2026, Morocco’s external trade presents a mixed picture. Although the trade deficit continues to widen due to imports growing at a faster rate than exports, several economic indicators remain positive. Notably, transfers from Moroccans living abroad (MRE), foreign direct investment (FDI), and service revenue continue to show encouraging trends.
According to the latest data released by the Office of Foreign Exchange, the trade deficit reached 159.07 billion dirhams at the end of May, marking a 20.8% increase compared to the same period last year.
Imports Grow Faster than Exports
The widening of the deficit can primarily be attributed to a sharp increase in imports. These reached 370.49 billion dirhams, reflecting an 11.8% year-on-year rise.
Exports also continued to grow, but at a more moderate pace, totaling 211.41 billion dirhams, which is up 5.8% from the first five months of 2025. This disparity between the growth rates of imports and exports explains the expansion of the trade deficit.
MRE Transfers Continue to Rise
Transfers from Moroccans residing abroad remain a significant support mechanism for the national economy. As of the end of May 2026, these transfers exceeded 50.22 billion dirhams, showing an annual increase of 8.8%. This trend underscores the crucial role of the Moroccan diaspora in bolstering foreign currency reserves and supporting household consumption.
Services and Foreign Investment Remain Strong
The services sector also confirms its robust performance. The surplus from the balance of service exchanges reached 64.27 billion dirhams, up 11.1%, driven particularly by tourism revenue and the development of exportable services.
Another encouraging indicator is the ongoing acceleration of foreign direct investment. The net flow of FDI was recorded at 23.32 billion dirhams by the end of May, marking a whopping 41.8% increase year-on-year. This trend reflects the sustained confidence of international investors in the Moroccan economy and the Kingdom’s attractiveness for investment projects.
An Economy Supported by Financial Flows Despite Trade Challenges
The latest statistics from the Office of Foreign Exchange highlight a Moroccan economy buoyed by the growth in MRE transfers, foreign investment, and service activities.
However, the ongoing rise in the import bill continues to weigh on the trade deficit, emphasizing the need to strengthen the competitiveness of exports to improve the external trade balance.
