Increase in Morocco’s Trade Deficit to 87.37 Billion Dirhams in Q1 2026
Morocco’s Trade Deficit Increases in Early 2026
Morocco has recorded an increase in its trade deficit during the first three months of 2026, reaching 87.37 billion dirhams, which represents a rise of 23.9% compared to the same period last year, according to the Office of Foreign Exchange.
Rising Imports and Exports
This trend can be attributed to the growth in imports, which rose by 11.1% to 208.2 billion dirhams, alongside a 3.3% increase in exports, now totaling 120.7 billion dirhams. Consequently, the coverage rate deteriorated by 4.4 points, settling at 58%.
Strong Import Dynamics by Category
The surge in imports mainly involves raw products (+42.2%), capital goods (+24.7%), and finished consumer goods (+14.6%), as well as semi-finished products (+2.1%). In contrast, food product imports decreased by 6%, amounting to 22.52 billion dirhams.
Exports: Mixed Results
On the exports front, the aerospace sector saw an increase of 12.6%, reaching 8 billion dirhams, while the automotive sector recorded a rise of 12.1% to 42 billion dirhams. However, several sectors experienced declines, particularly textiles and leather (-14.1%), phosphates and derivatives (-7.4%), electronics and electrical goods (-4.7%), as well as agriculture and agribusiness (-2.3%).
Improvement in Service Balance
Meanwhile, the surplus in the services balance improved by 16.1%, reaching over 38.7 billion dirhams, bolstered by a 13.2% increase in service exports to 76.26 billion dirhams, as imports rose by 10.4% to 37.56 billion dirhams.
